INSUBCONTINENT EXCLUSIVE:
Reliance Industries, ICICI Bank and TCS were the top drags on the Sensex
Domestic stock markets gave
up early gains after opening on a mixed note on Wednesday, a day after the International Monetary Fund cut its growth forecast for India
citing a weaker-than-expected outlook for domestic demand
The S-P BSE Sensex benchmark first added 120.1 points to touch 38,102.84 on the upside, and then slumped as much as 337.17 points from that
The NSE Nifty benchmark moved in a range of 107.85 points, touching an intraday high of 11,359.75 and then an intraday low of 11,251.90
A selloff across sectors - led by automobile, metal and energy stocks - dragged the markets lower
and 7.2 per cent the next year, a downward revision of 0.3 percentage point for both years, citing a weaker-than expected outlook for
domestic demand.At 10:11 am, the Sensex traded at 37,802.35, 180.39 points - or 0.47 per cent - lower from the previous close, while the
Nifty was down 69.10 points - or 0.61 per cent - at 11,261.95.Market breadth was sharply negative, with 615 stocks trading higher on the BSE
and 1,112 struggling with losses
On the NSE, 521 stocks advanced while 1,087 declined.Top percentage laggards on the 50-scrip index at the time were Eicher Motors, JSW
Steel, BPCL, Bajaj Finane, Vedanta, Bajaj Finserv and Tata Steel, struggling with losses of between 1.79 per cent and 3.69 per
equities in other Asian markets gave a guarded welcome to hints of progress in the US-China trade saga, with MSCI's broadest index of
Tuesday, extending their losses to a fourth straight session to settle at the lowest levels recorded since mid-May.(With inputs from
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