Key benchmarks extended losses and hit fresh intraday low in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 59.87 points or 0.17% at 35,098.68. The Nifty 50 index was down 6.85 points or 0.06% at 10,578.35.

Among secondary barometers, the BSE Mid-Cap index was down 0.27%. The BSE Small-Cap index was down 0.43%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1131 shares rose and 1199 shares fell. A total of 159 shares were unchanged.

IT shares were mixed. Tech Mahindra (up 3.15%), MphasiS (up 2.66%), HCL Technologies (up 1.90%), Infosys (up 1.86%), TCS (up 1.17%) and MindTree (up 0.41%), edged higher. Hexaware Technologies (down 0.11%), Wipro (down 0.12%), Oracle Financial Services Software (down 0.79%) and Persistent Systems (down 1.15%), edged lower.

Most pharmaceutical shares rose. Alkem Laboratories (up 2.25%), Cipla (up 1.37%), Piramal Enterprise (up 1.12%), Cadila Healthcare (up 0.99%), Dr Reddy's Laboratories (up 0.61%), Divi's Laboratories (up 0.36%) and Sun Pharmaceutical Industries (up 0.11%), edged higher. Glenmark Pharmaceuticals (down 0.26%), Aurobindo Pharma (down 0.31%), IPCA Laboratories (down 0.41%), GlaxoSmithKline Pharmaceuticals (down 1.16%) and Strides Shasun (down 1.4%), edged lower.

Drug major Lupin was up 1.85%. The company announced during trading hours today, 12 November 2018, the receipt of the Establishment Inspection report (EIR) post the completion of a Pre-Approval Inspection (PAI) for its Phenytoin Sodium Extended Release 100 mg capsules, carried out by the US Food and Drug Administration (USFDA) at its Nagpur facility in Maharashtra. The inspection conducted in September 2018 concluded without any observations. Lupin's Nagpur facility is the company's latest site and manufactures Oral Solid Dosage products. The site also houses Lupin's state of the art injectable manufacturing facility.

Wockhardt was up 7.53%. On a consolidated basis, Wockhardt reported net loss of Rs 30.84 crore in Q2 September 2018 as against net loss of Rs 8.82 crore in Q2 September 2017. Net sales rose 10.11% to Rs 1125.68 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 10 November 2018.

Titan Company rose 2.77% after consolidated net profit rose 8.34% to Rs 301.11 crore on 27.53% rise in total income to Rs 4595.13 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours on Friday, 9 November 2018.

The standalone profit before tax (PBT) for Q2 September 2018 is Rs 446 crore, against Rs 425 crores in Q2 September 2017, recording a growth of 5%. The growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 29 crore for investments made as part of treasury operations in inter corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment.

The jewellery business had a good quarter following a subdued first quarter and recorded an income of Rs 3582 crore as compared to Rs 2788 crore last year. The jewellery business grew by 29% over last year in Q2. The income from watches business recorded healthy growth too, for the quarter at Rs 676 crore against Rs 576 crore in the previous year, a growth of 17%. The eyewear business grew by 19% in the quarter, recording an income of Rs 120 crore as against Rs 101 crore last year. Other segments of the company comprising accessories grew by 24% in Q2 recording an income of Rs 33 crore. The previous year income for this segment in Q2 was Rs 27 crore.

Overseas, Asia markets were mixed as investors remain wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.

Chairman Jerome Powell's Fed held benchmark rates at a range between 2% and 2.25% on Thursday, and said that the central bank expects further gradual increases in the target range for the federal-funds rate.

On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.