Fresh selling in index pivotals dragged the key benchmark indices to hit fresh intraday low in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 325.76 points or 0.91% at 35,449.12. The Nifty 50 index was down 109.40 points or 1.02% at 10,654. Shares of index heavyweight Reliance Industries dropped. Pharma shares edged lower. Negative global cues put pressure on domestic stocks.

Domestic stocks opened on a negative note tracking lower Asian stocks. Stocks hovered in negative zone in morning and mid-morning trade. Key indices cut losses in early afternoon trade. Key benchmark indices traded on a weak note in afternoon trade.

The S&P BSE Mid-Cap index was off 1.09%. The S&P BSE Small-Cap index was down 0.95%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 807 shares rose and 1682 shares fell. A total of 155 shares were unchanged.

Tata Steel (down 3.26%), Vedanta (down 2.7%) and Wipro (down 2.41%) edged lower from the Sensex pack.

Index heavyweight Reliance Industries dropped 1.47% to Rs 1,132.65.

Pharma shares edged lower. Cadila Healthcare (down 2.78%), Cipla (down 1.5%), Dr Reddy's Laboratories (down 2.97%), Glenmark Pharmaceuticals (down 1.9%), Lupin (down 1.13%), Sun Pharmaceutical Industries (down 1.33%), GlaxoSmithKline Pharmaceuticals (down 0.44%), Aurobindo Pharma (down 1.46%) and Wockhardt (down 2.52%) declined. Alkem Laboratories (up 0.38%) rose.

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, European stocks declined as investors keep abreast of market news and await any further developments surrounding Brexit. Asian stocks declined on pessimism about escalating trade tensions. Sentiment was impacted after news emerged that Nissan's Chairman Carlos Ghosn was arrested yesterday, over allegations concerning financial misconduct.

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.