Key equity benchmarks further extended losses and hit fresh intraday low in the afternoon trade. At 13:40 IST, the barometer index, the S&P BSE Sensex, fell 168.78 points or 0.45% at 37,159.23. The Nifty 50 index also declined 67.30 points or 0.61% at 10,951.45.

The market breadth was weak. On the BSE, shares 694 rose and 1,483 shares fell. A total of 132 shares were unchanged. The S&P BSE Mid-Cap index was down 0.77%. The S&P BSE Small-Cap index fell 0.81%.

Hero MotorCorp (up 1%), Eicher Motors (up 0.74%), IOCL (up 0.69%), NTPC (up 0.68%) and Infosys (up 0.64%) advanced.

Tata Motors (down 8.88%), Yes Bank (down 5.69%), Tata Steel (down 4.17%), Indiabulls Housing Finance (down 4.15%) and Grasim Industries (down 3.88%) declined.

Dr Reddy's Laboratories lost 1.90%. The pharma major reported that the audit of Formulations Manufacturing plant (Vizag SEZ Plant 1) at Duvvada, Visakhapatnam by the USFDA, has been completed and it was issued a Form 483 with 8 observations. The company will address them comprehensively within the stipulated timeline. The announcement was made after trading hours yesterday, 20 August 2019.

Sun Pharma Advanced Research Company (SPARC) dropped 2.20%. The company said that a complaint has been filed by Abraxis Biosciences LLC in the U.S. District Court for the District of New Jersey, which alleges that SPARC's filing of New Drug Application (NDA) for Taclantis injection (Paclitaxel Injection Concentrate for Suspension) is an act of infringement of the Orange Book listed patents for Abraxane. The announcement was made after market hours yesterday, 20 August 2019.

Alembic Pharmaceuticals rose 0.56% after the company's Bioequivalence Facility located at Vadodara was inspected by United States Food and Drug Administration (USFDA) between 12 August 2019 to 16 August 2019 and between 12 August 2019 to 20 August 2019 for Bioequivalence Bioanalytical and Bioequivalence Clinical. There were no 483s issued by USFDA at the end of the inspection. The announcement was made after trading hours yesterday, 20 August 2019.

SpiceJet shed 1.42%. The company said yesterday, 20 August 2019, that it will shift its entire Mumbai operations to Terminal 2 of the city's Chhatrapati Shivaji Maharaj International Airport with effect from 1 October 2019. The transition is being proactively planned and implemented by the airline with the active support of Mumbai International Airport Limited (MIAL) to enhance passenger convenience. . It will lead to better synergies and cut down costs substantially for the airline.

NMDC declined 3.61%. The Karnataka government has decided to cancel the lease given to the state-run company for the Donimalai iron ore mine and to put it under auction.

Deepak Nitrite rose 0.09% to Rs 275. The company announced that credit rating agency ICRA has upgraded company's long term ratings. ICRA upgraded company's long-term rating from ICRA A+ to ICRA AA-. The outlook on the long term rating has been revised from 'Positive' to 'Stable'. ICRA has also re-affirmed the rating on company's commercial paper of Rs 200 crore at lCRA A1+.

Housing Development & Infrastructure (HDIL) was locked in 20% lower circuit at Rs 8.78 after the company informed that it has been admitted under the provisions of The Insolvency Bankruptcy Code, 2016 by an order passed by the National Company Law Tribunal (NCLT). NCLT had passed the order on 20 August 2019 pursuant to an application filed by Bank of India under Section 7 of IBC. Under the Insolvency Bankruptcy Code (IBC), financial creditors, operational creditors and corporate debtors can initiate corporate insolvency process. Section 7 of IBC gives power to financial creditor to file an application against corporate debtor. The company reported that it is under the process to file an appeal to National Company Law Appellate Tribunal ('NCLAT') against the order passed by NCLT.

IT Major HCL Technologies was down by 0.61% on BSE after the IT major announced that it has launched a delivery centre in Hamilton, New Zealand for supporting company's commitment to delivering innovation. The delivery centre will enable HCL to support skills development within the Hamilton region. The company plans to collaborate with local governing and trade bodies for regional development initiatives.

United Spirits was down 0.29%. The distillery company said that its promoter Relay B. V. has hiked stake in the company. The company announced after market hours yesterday that Relay B. V. acquired 33.10 lakh shares at Rs 591.95 per share, aggregating to Rs 195.96 crore. The transaction took place on 20 August 2019 via open markets. The stake of the promoter after the said transaction has risen from 54.78% to 55.24%.

Bharat Heavy Electricals (BHEL) fell 3.40% to Rs 48.25. BHEL has informed about the commission of 4x180 MW Mangdechhu hydroelectric project in at Thimpu, Bhutan. The run-of-the-river hydroelectric plant constructed on Mangdechhu River in Bhutan has a gross head of 692 meter, with four numbers Pelton Turbines generating 720 MW from the project. The project has been executed under difficult terrain conditions with limited road connectivity as well as frequent disruptions during monsoons. The Mangdechhu Hydroelectric Project Authority (MHPA) officials have appreciated the efforts put in by BHEL for effective and efficient completion of the project.

City gas distributor Mahanagar Gas (MGL) fell 0.85%. Netherlands-based Royal Dutch Shell announced that it's wholly owned subsidiary, BG Asia Pacific Holdings, has sold all its remaining shareholding in MGL. On 20 August 2019, BG Asia Pacific Holdings sold 98.77 lakh shares, or 10% stake, in MGL at Rs 780 each. Goldman Sachs India purchased 6.73 lakh shares, or 0.68% stake, in MGL while HDFC Mutual Fund purchased 5.78 lakh shares, or 0.59% stake. SBI Life Insurance Company has acquired 6.20 lakh shares, or 0.63% stake. Societe Generale bought 12.82 lakh shares, or 1.30% equity. All the trasactions were struck at Rs 780 per share.

Cadila Healthcare was down by 0.84%. The pharmaceutical company reported that it has initiated a Phase II clinical trial for evaluating the effect of 'Saroglitazar Mg' in the treatment of Non-Alcoholic Fatty Liver Disease (NAFLD) in women with Polycystic Ovary Syndrome (PCOS). The Evidences VII trial is currently recruiting patients across several clinical sites in the United States of America and Mexico.

Gati fell 2.06%. The logistics firm announced that CARE Ratings has downgraded its long-term bank facilities worth Rs 173.02 crore to “CARE BBB; Negative” from “CARE BBB; Stable”, short-term bank facilities worth Rs 5 crore to “CARE A3” from “CARE A3+” and Medium term fixed deposits worth Rs 50 crore to “CARE BBB; Negative” from “CARE BBB; Stable”.

Bank of Baroda slipped 3.44%. The bank has announced its decision to raise capital through the issuance of Basel III Compliant Tier II bonds/Additional Tier 1 Bonds.

Maruti Suzuki India rose 0.18% after the automobile major unveiled its all new premium XL6 model. It is available at over 360 NEXA dealerships across India.

Jubilant FoodWorks shed 0.88% after Domino's Pizza, launched its first restaurant in Agartala. The fast-food chain's unit is located at the City Centre in Paradise Chowmuhani.

Bharti Airtel lost 0.17%. According to reports, the company may not buy the 5G spectrum and the 700 MHz premium airwaves. The company plans to bid for airwaves in the 800, 900 and 1800 MHz bands for which its licenses have either expired or are about to expire.

Overseas, European stocks traded higher as investors await minutes from a meeting of the U.S. Federal Reserve. Italy's Prime Minister Giuseppe Conte resigned, kickstarting consultations between President Sergio Mattarella and party leaders in the hope of a solution to the political crisis.

Asian shares were mixed on Wednesday as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.

Financial shares led US stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week.

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