The key equity benchmarks traded with minor losses in the in the morning trade as investors weighed the risks of new U.S. tariffs against a steady stream of quarterly earnings reports that have kept hopes of an earnings recovery alive.
The Nifty traded below the 26,250 mark, while oil and gas shares extended losses for a second consecutive session.
At 10:28 ST, the barometer index, the S&P BSE Sensex, declined 188.50 points or 0.22% to 85,251.12. The Nifty 50 index fell 25.95 points or 0.10% to 26,224.35.
In the broader market, the S&P BSE Mid-Cap index fell 0.16% and the S&P BSE Small-Cap index shed 0.19%.
The market breadth was negative. On the BSE, 1,604 shares rose and 1,984 shares fell. A total of 243 shares were unchanged.
Buzzing Index:
The Nifty Oil & Gas index fell 1.51% to 12,029.60. The index declined 2.51% in the two consecutive trading session.
Reliance Industries (down 2.71%), Gujarat Gas (down 1.68%), Bharat Petroleum Corporation (down 1.5%), Hindustan Petroleum Corporation (down 1.31%) and Mahanagar Gas (down 1.21%), Aegis Logistics (down 0.94%), Indian Oil Corporation (down 0.79%), Gujarat State Petronet (down 0.64%), GAIL (India) (down 0.31%) and Castrol India (down 0.29%) declined.
On the other hand, Oil & Natural Gas Corpn (up 1.05%) ,Indraprastha Gas (up 0.27%) and Petronet LNG (up 0.12%) added.
Stocks in Spotlight:
Awfis Space Solutions shed 0.36%. The company announced the resignation of Ravi Dugar from the position of chief financial officer (CFO) and key managerial personnel of the company to pursue better career opportunities.
Tata Motors Passenger Vehicles (PV) declined 2.02% after Jaguar Land Rover (JLR)’s Q3 volumes were impacted by a cyber-incident and US tariffs, leading to sharp year-on-year and sequential declines in both wholesale and retail sales.
DCX Systems fell 1.60%. The company said it has secured an order worth Rs 11.33 crore from Rafael Advanced Defence Systems, Israel, for the manufacture and supply of cable and wire harness assemblies.