Stocks cut further losses in afternoon trade after an intraday slide. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 113.07 points or 0.3% at 37,756.16. The Nifty 50 index was down 36.15 points or 0.32% at 11,393.35. Trading sentiment took a hit as global cues turned weak on back of rout in Turkish currency.

Overseas, European equities extended last week's retreat as banking shares tumbled amid concerns about the Turkish economic crisis affecting liabilities of the region's lenders. The turmoil in Turkish markets continued as President Recep Tayyip Erdogan showed no signs of backing down in a standoff with the US administration, with the lira's decline spurring concern about European lenders' exposure to the nation.

Asian shares tumbled on Monday after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments. US stocks dropped on Friday, triggered by fears over the sell-off in the lira after US President Donald Trump said he had approved the doubling of metals tariffs against Turkey on Friday.

Among secondary barometers in the domestic market, the BSE Mid-Cap index was down 0.13%, underperforming the Sensex. The BSE Small-Cap index was down 0.29%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 990 shares rose and 1562 shares fell. A total of 148 shares were unchanged.

Sun Pharmaceutical Industries (up 1.64%), M&M (up 1.64%) and Infosys (up 1.57%) edged higher from the Sensex pack.

Vedanta (down 3.7%), State Bank of India (down 2.45%) and HDFC (down 1.55%) edged lower from the Sensex pack.

Tata Steel rose 0.21% ahead of its Q1 June 2018 result today, 13 August 2018.

Coal India rose 1.88% after consolidated net profit surged 61.07% to Rs 3786.44 crore on 25.05% rise in total income to Rs 25470.86 crore in Q1 June 2018 over Q1 June 2017. On a consolidated basis, Coal India's production of raw coal rose to 136.85 million tonne in Q1 June 2018 from 118.84 million tonne in Q1 June 2017. Offtake rose to 153.47 million tonne from 137.42 million tonne. The announcement was made on Saturday, 11 August 2018.

Engineering and construction major Larsen & Toubro (L&T) rose 0.62%. Buildings & factories business of L&T Construction has bagged an engineering, procurement and construction (EPC) order worth Rs 3028 crore from GMR Hyderabad International Airport (GHIAL). The scope of work includes execution and implementation of EPC for expansion of the Terminal Building and Airside Infrastructure Works at the Rajiv Gandhi International Airport, Hyderabad, Telangana. This is a brownfield airport expansion project to be handed over within a stringent timeline. The announcement was made during trading hours today, 13 August 2018.

On the economic front, India's industrial production growth rebounded to five month high of 7% in June 2018, while recovering from a seven-month low of 3.9% in May 2018. The industrial production growth for May 2018 has been revised upwards from 3.2% increase reported provisionally.