Fresh selling in index pivotals dragged the key benchmark indices to intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 327.17 points or 0.84% at 38,612.05. The Nifty 50 index was down 79.30 points or 0.68% at 11,592.65. Cement stocks fell.

Trading sentiment was dented by the International Monetary Fund (IMF) lowering global economic growth outlook. Investors were also cautious ahead of Q4 March 2019 earnings beginning later this week.

Local stocks drifted lower in early trade on negative Asian stocks. Stocks hovered in negative zone in morning trade. Key indices continued to trade with weakness in early afternoon trade. The Sensex and the Nifty continued trading with small losses in afternoon trade.

The S&P BSE Mid-Cap index was off 0.35%. The S&P BSE Small-Cap index was off 0.03%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1087 shares rose and 1322 shares fell. A total of 176 shares were unchanged.

Tata Motors gained 4.54%. The Tata Motors Group global wholesales in March 2019, including Jaguar Land Rover, were at 1,45,459 units, lower by 5%, as compared to March 2018. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in March 2019 were at 57,163 units, higher by 1%, over March 2018. Global wholesales of all passenger vehicles in March 2019 were at 88,314 units, lower by 9%, compared to March 2018. The announcement was made during market hours today, 10 April 2019.

Cement stocks fell. Ambuja Cements (down 1.47%), ACC (down 1.14%), UltraTech Cement (down 0.81%) declined. Shree Cement (up 0.23%) rose.

Grasim Industries was up 0.49%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Overseas, European shares were trading higher Wednesday. Market focus is largely attuned to global trade developments, after the U.S. and Europe locked horns over tariffs in the previous session. Meanwhile, policymakers at the European Central bank (ECB) will meet in Frankfurt on Wednesday, to decide on interest rates.

Asian shares were mixed as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated.

U.S. stocks closed lower Tuesday, with the S&P 500 snapping its eight-day winning streak, on fears over escalation of trade tensions with the European Union and a weaker global outlook from IMF.

The office of the U.S. Trade Representative threatened to levy tariffs on many European goods late Monday. The threat is a retaliation against European companies' subsidies for aircraft manufacturer Airbus. If the U.S. follows through, the proposed tariffs would affect about $11 billion in imports to the U.S., including helicopters, bicycles, cheese and wine. Lighthizer said the Trump administration would wait for World Trade Organization clearance to implement the duties.

The IMF lowered the outlook for global economic growth in 2019 to 3.3% from 3.5% projected in January, marking its third reduction of growth expectations in six months. The decline has been broadly felt, with all advanced economies, including the U.S., and most major emerging-market economies seeing deterioration in their outlook.