Key benchmarks hit fresh intraday low in the afternoon trade. At 13:33 IST, the barometer index, the S&P BSE Sensex, fell 293.31 points or 0.78% at 37,347.96. The Nifty 50 index also declined 87.95 points or 0.79% at 11,017.40.
Selling pressure spread over the broader market. The S&P BSE Mid-Cap index was down 0.78%. The S&P BSE Small-Cap index fell 0.48%.
The market breadth turned weak. On the BSE, shares 881 rose and 1,435 shares fell. A total of 141 shares were unchanged.
Infosys (up 1.71%), HCL Technologies (up 1.63%), Eicher Motors (up 1.18%), Tech Mahindra (up 0.91%) and Bharti Infratel (up 0.78%) advanced.
Tata Steel (down 3.15%), Indiabulls Housing Finance (down 2.78%), ONGC (down 2.75%) and Mahindra & Mahindra (down 2.46%) declined.
Yes Bank fell 6.51% after the bank said that its board will meet on Friday, 30 August 2019, to consider raising funds by issuing equity shares.
Power Grid Corporation of India rose 0.41%. The company's board of directors has accorded investment approval for Transmission System for Solar Energy Zones in Rajasthan at an estimated cost of Rs 2,578.47 crore with commissioning schedule as December, 2020. The announcement was made after market hours yesterday, 27 August 2019.
Dilip Buildcon was up 1.05%. The construction company said that it received the appointed date i.e. 24 August 2019 by the National Highways Authority of India (NHAI) for Saoner-Dhapewada, EPC project in Maharashtra. The announcement was made after market hours yesterday, 27 August 2019.
IDBI Bank lost 10.53%. On 27 August 2019, S&P Global Ratings placed its 'BB' long-term and 'B' short-term foreign currency issuer credit ratings on IDBI Bank on CreditWatch with negative implications.
Hindustan Unilever fell 2.44% on reports the company has cut prices across some of its product portfolios to pass on the benefit of softening input costs. "HUL does selective and judicious price changes across its portfolio in the normal course of its business. Given that the commodity prices are expected to remain benign for certain time period, we have taken price reductions in range of 4-6% in Lux and Lifebuoy portfolio while it may be higher on certain packs in order to pass on the benefits to the consumers", a company spokesperson was quoted by the media as saying on Tuesday.
Tata Motors was down 3.03%. The stock surged 8.87% to end at Rs 120.30 yesterday, 27 August 2019, after China eased restrictions on car purchases to support auto sales and boost the country's consumption.
Vedanta lost 3.92%. According to the media houses, Zambia's High Court suspended the petition of ZCCH-IH to liquidate the copper mine of Vedanta resources, pending ruling by Zambia's appeals court.
Maruti Suzuki India fell 1.56%. Maruti Suzuki India today, 28 August 2019, has announced its initiative "Service on Wheels" which is essentially a smart workshop on the move to offer customers the option of availing Maruti Suzuki service at their doorsteps. Service on Wheels is equipped with all the tools and technologies to undertake service, repairs and other related jobs for all Maruti Suzuki passenger vehicles.
Overseas, European stocks were trading lower while Asian stocks were mixed on Wednesday, as deeper worries about the global economy kept a lid on sentiment.
US stocks slipped on Tuesday, weighed down by financial stocks as a deepening of the Treasury yield curve inversion raised US recession worries and uncertainty over any progress in trade negotiations between the United States and China took a toll.
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