Weakness persisted on the bourses in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 352.64 points or 0.92% at 37,811.97. The Nifty 50 index was down 105.65 points or 0.92% at 11,351.25. Metal and mining stocks declined. Negative Asian stocks weighed on sentiment.
The Sensex was currently trading below the psychological 38,000 level after sliding below that level in early trade. Trading for the week began on a subdued note as domestic stocks dropped in early trade on negative Asian stocks. Stocks traded with weakness in morning trade.
The S&P BSE Mid-Cap index was down 0.8%. The S&P BSE Small-Cap index was down 0.85%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 602 shares rose and 1585 shares fell. A total of 117 shares were unchanged.
Metal and mining stocks declined. Vedanta (down 2.3%), JSW Steel (down 2.27%), Tata Steel (down 1.38%), Steel Authority of India (Sail) (down 2.9%), National Aluminium Company (down 1.39%), Hindustan Zinc (down 1.76%), Jindal Steel & Power (down 2.19%), Hindalco Industries (down 2.3%), NMDC (down 1.73%), Hindustan Copper (down 1.44%) edged lower.
ONGC rose 0.59%. The board of directors of company have declared an interim dividend of Re 1 per equity share and 27 March 2019 is the record date for determining eligibility of shareholders for payment of interim dividend. The announcement was made after market hours on Friday, 22 March 2019.
Insecticides (India) lost 2.29%. Insecticides (India) announced that its subsidiary, OAT & IIL India Laboratories, will inaugurate factory at Chopanki (Rajasthan) on 25 March 2019, for commercial production of agrochemical. This facility has capacity to manufacture 1100 KL per annum of Sodium Paranitrophenolate 3.0 SL. The announcement was made on Saturday, 23 March 2019.
Overseas, Asian markets plummeted Monday, amid heightened recession worries. U.S. stocks closed sharply lower Friday, after a downbeat round of economic data in Europe and the U.S. stoked global growth fears while a closely watched measure of the yield curve inverted for the first time since 2007, triggering recession worries.
According to the flash reading of IHS Markit's purchasing manager's index, the manufacturing index fell to 52.5 in March from 53 in February. U.S. wholesale inventories rose 1.2% in January after a revised estimate of a 1.1% increase in December, the Commerce Department said.
In Europe, at a pivotal European Council summit where meetings overran dramatically, the European Union offered the U.K. a two-pronged plan to extend Brexit beyond the March 29 deadline. The U.K. will be offered a delay until May 22, if MPs approve the deal Prime Minister Theresa May had negotiated. If not, the EU will support a shorter delay, to April 12 to formulate a new plan.
The flash PMI figure for the eurozone in March showed that the preliminary Markit PMI Composite figure, seasonally adjusted, was 51.3, below the February figure of 51.9.