Key indices trimmed losses in early afternoon trade. The Nifty traded below its 200-day simple moving average. At 12:22 IST, the barometer index, the S&P BSE Sensex, was down 214.89 points or 0.56% at 37,963.06. The Nifty 50 index was down 65.95 points or 0.58% at 11,247.35.
The broader market underperformed the main stock indices. The S&P BSE Mid-Cap index was down 0.73%. The S&P BSE Small-Cap index was down 0.38%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 820 shares rose and 1270 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 16 stocks advanced and 34 stocks declined.
Century Textiles & Industries fell 4.35% to Rs 884.35. Shares of Century Textiles & Industries will turn ex-date on Friday, 11 October 2019, for the proposed de-merger. The company will hive off its cement division and merge it with UltraTech Cement. Century Textiles shareholders will get one share of UltraTech for every eight held.
Goa Carbon was locked in a 5% lower circuit for a second consecutive session after a dismal Q2 September 2019 results. The company reported a net loss of Rs 13.83 crore in Q2 September 2019 as against a net loss of Rs 1.07 crore in Q2 September 2018. The result was announced during market hours yesterday, 9 October 2019.
Shares of Goa Carbon have tumbled 14.24% in three trading session to its current market price of Rs 229.40.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.51% to 17.415. The Nifty October 2019 futures were trading at 11,250.65, a premium of 17.5 points compared with the spot at 11,233.10.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 25.10 lakh contracts at the 11,500 strike price. Maximum put OI of 26.60 lakh contracts was seen at 11,000 strike price. The option chain indicates that Nifty will stay between 11,000 and 11,500 in October expiry.
Moody's Investors Service on Thursday cut India's gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. It expects growth to pick up to 6.6% in FY21 and around 7% over the medium term.
On 4 October 2019, the Reserve Bank of India (RBI) cut its FY20 GDP growth rate forecast sharply to 6.1% from 6.9%.
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