Fresh selling in index pivotals pulled the key benchmark indices to intraday low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 131.46 points or 0.37% at 35,643.42. The Nifty 50 index was down 50.35 points or 0.47% at 10,713.05. Metal and mining stocks declined. Local indices were weighed down by negative Asian stocks.

Domestic stocks opened on a negative note tracking lower Asian stocks. Stocks hovered in negative zone in morning trade

The S&P BSE Mid-Cap index was off 0.27%. The S&P BSE Small-Cap index was down 0.18%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 927 shares rose and 1212 shares fell. A total of 117 shares were unchanged.

Maruti Suzuki India rose 0.04%. Maruti Suzuki India said that the company has increased production of its model Vitara Brezza to reduce waiting period. The production of SUV Vitara Brezza has increased 10% to 94,000 units during April-October 2018-19 compared to same months last year. In 2017-18, Maruti Suzuki sold over 1.48 lakh units of Vitara Brezza.

Announcing the increased production and availability of Vitara Brezza, R.S. Kalsi, Senior Executive Director (Marketing and Sales), Maruti Suzuki India said that with the Suzuki Motor Gujarat plant operational at its full capacity of 2.5 lakh units annually in Gujarat, the company is able to increase the output.

Metal and mining stocks declined. Hindalco Industries (down 4.29%), Vedanta (down 1.21%), JSW Steel (down 1.43%), Tata Steel (down 1.97%), Steel Authority of India (Sail) (down 0.93%), National Aluminium Company (down 2.29%), Jindal Steel & Power (down 2.44%) and Hindustan Copper (down 0.39%) edged lower. Hindustan Zinc (up 0.15%) rose.

NMDC fell 0.15%. With reference to media report titled, "Karnataka may cancel NMDC's Donimalai mine lease in levy dispute", NMDC clarified after market hours yesterday, 19 November 2018, that the lease for NMDC Donimalai Mine has already been extended by the Karnataka State Government with effect from 4 November 2018 for a period of 20 years. Other formalities are in the process. The cabinet of Karnataka Government has approved the Mining Lease of Donimalai from 4 November 2018 for a further period of 20 years (upto 3 November 2038) on payment of 80% of the average sale value as published by IBM.

SRF rose 1.31%. SRF said it pegged the cost of the damage to its technical textiles unit in Tamil Nadu, affected by Cyclone Gaja, at Rs 28 crore. The company said damage was covered by adequate insurance. The announcement was made after market hours yesterday, 19 November 2018.

Meanwhile, the Reserve Bank of India's (RBI) Central Board met yesterday, 19 November 2018 in Mumbai and discussed the Basel regulatory capital framework, a restructuring scheme for stressed MSMEs, bank health under Prompt Corrective Action (PCA) framework and the Economic Capital Framework (ECF) of RBI. The board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the Government of India and the RBI.

The board also advised that the RBI should consider a scheme for restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to such conditions as are necessary for ensuring financial stability. The board, while deciding to retain the CRAR at 9%, agreed to extend the transition period for implementing the last tranche of 0.625% under the Capital Conservation Buffer (CCB), by one year, i.e., up to 31 March 2020. With regard to banks under PCA, it was decided that the matter will be examined by the Board for Financial Supervision (BFS) of RBI.

On the political front, second phase of assembly elections with 72 seats is being held in Chhattisgarh today, 20 November 2018. Chhattisgarh held its first phase of polls on 12 November 2018 when 18 seats were contested. Assembly elections in Madhya Pradesh and Mizoram will be held on 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. Counting of votes will be held across all the five states on 11 December 2018.

Overseas, most Asian stocks declined on pessimism about escalating trade tensions. US stocks dropped Monday, with shares of technology and internet-related companies dragging the market lower. US financial markets will be closed Thursday for the Thanksgiving Day holiday.

On the data front, the National Association of Home Builder's monthly confidence index fell 8 points to 60 in November, the largest decline in more than four years, and the lowest overall reading in more than two.