Key equity benchmarks declined once again and hit fresh intraday low in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex fell 105.35 points or 0.27% at 39,193.03. The Nifty 50 index also declined 12.40 points or 0.11% at 11,649.45.

In the broader market, the S&P BSE Mid-Cap index was up 0.20%. The S&P BSE Small-Cap index rose 0.57%.

The market breadth was positive. On the BSE, shares 1,316 rose and 982 shares fell. A total of 167 shares were unchanged.

On the economic front, Commerce and Industry & Railways Minister, Piyush Goyal addressed the US-India Strategic Partnership Forum (USISPF) in New Delhi. During the interaction Piyush Goyal said that Indo-US relationship is at their best ever now and trade relations between the two countries have a huge potential which is yet to be tapped. India and the US must look at a much larger agreement like a bilateral agreement said the Commerce and Industry Minister.

According to USISPF estimates India-US bilateral trade is projected to grow to $238 billon by 2025. Sectors like defence trade, commercial aircrafts, oil and LNG, coal, machinery and electronics are areas of potential growth in US investments and commerce into India. Indian industry has an opportunity to promote automotive, pharmaceuticals, seafood, IT and travel services to the US market.

Axis Bank (up 1.59%), Asian Paints (down 0.79%), Bajaj Finserv (up 0.80%), Bajaj Finance (down 0.53%) and Kotak Mahindra Bank (down 0.52%), ahead of their Q2 results to be announced today, 22 October 2019.

Yes Bank (up 4.57%), ICICI Bank (up 4.56%) and Grasim Industries (up 3.23%) advanced.

HCL Technologies (down 3.61%), Tech Mahindra (down 1.91%) and Eicher Motors (down 1.21%) declined.

Infosys tanked 14.47% to Rs 656.65. The IT major said the company has received anonymous whistleblower complaints alleging certain unethical practices. These have been placed before the audit committee as per the company's practice and will be dealt with in accordance with the company's whistleblower policy. The announcement was made on Monday, 21 October 2019.

Infosys' American depository receipt (ADR) listed on the New York Stock Exchange slumped 12.11% on Monday.

Reliance Industries (RIL) rose 0.05%. RIL's consolidated net profit rose 18.35% to Rs 11,262 crore on 3.63% rise in net sales to Rs 1,48,526 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours on Friday, 18 October 2019.

HDFC Bank gained 1.21% to Rs 1,244.05. The bank's net profit rose 26.75% to Rs 6,344.99 crore on 19.63% increase in total income to Rs 33,755 crore in Q2 September 2019 over Q2 September 2018. The result was announced on Saturday, 19 October 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 12,508.15 crore as on 30 September 2019 as against Rs 11,768.95 crore as on 30 June 2019 and Rs 10,097.73 crore as on 30 September 2018.

Tata Motors lost 2.30%. Tata Motors said that the meeting of the board of directors of the company is scheduled on 25 October 2019 to consider proposal for raising funds by way of issue of one or more instruments including equity shares, convertible securities of any description or warrants or debt securities, through preferential issue, private placements, rights issue or any other methods or combination thereof. The announcement was made after market hours on Friday, 18 October 2019.

UltraTech Cement was down 0.29%. The company's consolidated net profit rose 62.26% to Rs 579.10 crore on 4.07% rise in total income to Rs 9,774.16 crore in Q2 September 2019 over Q2 September 2018. The result was announced yesterday, 21 October 2019, when stock markets were closed on account of assembly elections.

Graphite stocks witnessed heavy buying. Graphite India jumped 8.37% and HEG soared 11.76% during today's intraday trade.

Shares of Graphite India surged 17.57% in four trading sessions to the current market price of Rs 316.40 from a recent closing low of Rs 269.10 on Tuesday, 15 October 2019.

Shares of HEG rallied 23.39% in four trading sessions to the current market price of Rs 1,086 from a recent closing low of Rs 880.10 on Tuesday, 15 October 2019.

Overseas, most European opened lower on Tuesday as U.K. lawmakers gear up to debate Prime Minister Boris Johnson's EU Withdrawal Agreement Bill. British Prime Minister Boris Johnson failed to get a vote on his Brexit deal and will try again on Tuesday to get the first stage of a withdrawal bill through Parliament.

Asian stocks were trading higher on Tuesday, mirroring overnight gains in the US market, supported by signs of progress in talks on resolving the US-China trade dispute.

U.S. President Donald Trump sounded reportedly upbeat on a China deal on Monday, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

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