Key benchmark indices extended losses to hit fresh intraday low in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 176.61 points or 0.43% at 39,570.65. The Nifty 50 index was down 62.35 points or 0.52% at 11,851.70.
The BSE Mid-Cap index was down 0.54%. The BSE Small-Cap index was down 0.35%.
The market breadth was negative. On BSE, 698 shares advanced and 1366 shares declined. A total of 118 shares were unchanged.
Adani Gas rose over 7% after a media reports suggested that French Energy Giant Total SA was close to acquiring a 30% stake in the company. The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company, reports added. Adani Gas is an arm of Adani Group and operates in distribution of pipeline networks.
PI Industries gained 2.47% after the company announced that the credit rating agency, CRISIL Ratings, had reaffirmed the long-term rating at CRISIL AA/Positive and the Short-Term Rating at CRISIL A1+ in respect of the various banking facilities availed by the company.
Gruh Finance dropped 6% after media reports suggested that HDFC is likely to sell 4.2% stake. The sale will be conducted through stock exchanges at Rs 290 per share. HDFC has been selling stake in Gruh Finance to meet the central bank's requirements of facilitating the proposed merger of Gruh Finance with Bandhan Bank.
Rites gained 4% after the company said it is planning bonus issue of shares, subject to approval of board of directors and shareholders. The announcement was made during the market hours today.
Jet Airways (India) tumbled 11.36%, extending yesterday's 16.71% slump after the National Stock Exchange of India (NSE) said on Wednesday that shares of the company will be removed from daily trading of futures and options effective 28 June 2019, citing the air carrier's failure to respond to queries about persisting rumours in the market. No contracts would be available for trading in Jet Airways (India) from 28 June 2019, NSE said. As a preventive surveillance measure, from 28 June 2019 till further notice, the security of the company should be shifted from the rolling segment to the trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100% upfront margin and 5% price band, it added.
Shares of three state-run oil marketing companies fell after Brent crude prices firmed up in international market. HPCL (down 0.44%), BPCL (down 0.40%) and Indian Oil Corporation (down 0.34%) edged lower. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent for August 2019 settlement was up by 48 cents at $61.80 a barrel. The contract rose $1.34 a barrel or 2.23% to settle at $61.31 a barrel during the previous trading session. The contract rose following attacks on two tanker ships in the Gulf of Oman on Thursday.