Stocks traded with weakness in morning trade after opening on a weak note. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 305.85 points or 0.8% at 37,858.76. The Nifty 50 index was down 91.80 points or 0.8% at 11,365.10. The Sensex was 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.
The S&P BSE Mid-Cap index was down 0.77%. The S&P BSE Small-Cap index was down 0.75%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 533 shares rose and 1397 shares fell. A total of 94 shares were unchanged.
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.
Back home, Vedanta (down 2.13%), Tata Motors (down 1.71%), State Bank of India (down 1.61%), Kotak Mahindra Bank (down 1.46%) and Tata Steel (down 1.45%) edged lower from the Sensex pack.
Bharti Airtel (up 1.01%), NTPC (up 0.3%) and Coal India (up 0.06%) edged higher from the Sensex pack.
TTK Prestige gained 4.34%. TTK Prestige announced that its board will meet on 29 March 2019 to recommend issue of bonus shares, subject to the approval of shareholders. The announcement was made after market hours on Friday, 22 March 2019.
Max India fell 0.79%. Max India announced that its board appointed Analjit Singh as a non-executive director and chairman on the board with effect from 1 April 2019. Rahul Khosla, chairman and non-executive director of the company, will step down from the board of directors of the company effective closure of business hours on 31 March 2019. The announcement was made after market hours on Friday, 22 March 2019.