A sell-off in index pivotals pulled the key benchmark indices to fresh intraday low in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 370.05 points or 1.08% at 33,764.33. The Nifty 50 index was down 137.50 points or 1.34% at 10,107.75. Most capital goods stocks fell. Weak global stocks dampened sentiment on the domestic bourses.
The Sensex was currently trading below the psychological 34,000 level after gyrating above and below that level in intraday trade. Trading for the day began on a weak note as the key benchmark indices edged lower in early trade on negative Asian stocks. Domestic bourses cut losses in morning trade. Key indices extended losses in mid-morning trade. Stocks gyrated in a small range in early afternoon trade. Key benchmarks were trading near day's low in afternoon trade.
The S&P BSE Mid-Cap index was down 1.57%. The S&P BSE Small-Cap index was down 1.86%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 593 shares rose and 1905 shares fell. A total of 118 shares were unchanged.
Tata Consultancy Services (TCS) lost 2.09%. TCS during market hours today, 23 October 2018 announced that two of its TCS BaNCS customers in Africa: Central Securities Clearing System (CSCS) Pic., the Central Securities Depository (CSD) of Nigeria, and South Africa based Standard Bank, a leading custodian, have successfully completed a pilot using the Quartz Blockchain technology for cross-border corporate action information exchange using the BaNCS Network, potentially seeding an innovative panAfrican financial ecosystem for cross-border information exchange and transaction settlement.
Bharti Airtel fell 0.24%. Bharti Airtel after market hours yesterday, 22 October 2018 said that the company has collaborated with Google to truly simplify its customer service experience by integrating its customer care with the Artificial Intelligence-powered Google Assistant. Airtel smartphone customers will now able to get instant resolution to their frequent account related queries through the Google Assistant.
Most capital goods stocks fell. BEML (down 1.71%), ABB India (down 0.61%), L&T (down 1.64%), Punj Lloyd (down 0.56%), Siemens (down 1.87%) and Thermax (down 3.1%) edged lower. Bharat Electronics (up 3.26%) rose.
Bharat Heavy Electricals (Bhel) shed 0.61%. The company said its board will meet on 25 October 2018 to consider the proposal for buyback of the fully paid-up equity shares. The announcement was made after market hours yesterday, 22 October 2018.
Lakshmi Machine Works fell 5.68% to Rs 5,790 after net profit fell 12.5% to Rs 40.43 crore on 34.7% increase in net sales to Rs 771.97 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 22 October 2018. Meanwhile, Lakshmi Machine Works said that it will buy back 2.66 lakh shares at Rs 6,000 each.
Overseas, European and Asian stocks were trading lower Tuesday, as diplomatic tensions in Saudi Arabia, concerns over Italy's Budget and ongoing Brexit talks all depressed market sentiment.
US stocks closed mostly lower yesterday, 22 October 2018, with the S&P 500 dropping for a fourth day in a row, as investors braced for a deluge of earnings against the backdrop of higher interest rates and concerns about global growth.
Risks still abound across global markets, from the continuing US-China trade showdown to Italian budget fears and President Donald Trump's unpredictable actions ahead of American midterm elections.
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