Key indices are trading lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 156.63 points or 0.41% at 38,208.72. The Nifty 50 index was down 57.70 points or 0.51% at 11,259.65.
The S&P BSE Mid-Cap index was down 0.98%. The S&P BSE Small-Cap index was off 1.06%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 408 shares rose and 1347 shares fell. A total of 70 shares were unchanged.
Stocks in news:
Wipro rose 1.67% after the company announced plans to set up a Digital Innovation Hub in Dseldorf, Germany. The proposed Digital Innovation Hub will serve as Wipro's flagship centre in Europe and will offer digital transformation expertise to companies in Germany, enable organisations to cross skill and upskill besides supporting talent development in local communities.
IDBI Bank shed 0.92%. IDBI Bank has sold the remaining 10,25,683 equity shares constituting 0.21% of the paid up capital of National Stock Exchange of India.
TeamLease Services dropped 2.79%. TeamLease Services has acquired an additional about 36.17% stake in Schoolguru, a Company incorporated under the provisions of Companies Act, 1956 and an erstwhile Associate of the Company. Pursuant to the acquisition of additional stake, the company now holds 76.37% stake in Schoolguru hereby rendering Schoolguru as a subsidiary of the company.
Indian Hume Pipe gained 3.1% after the company received Letter of Award for the work of Rs 134.82 crore (excluding GST) from Rural Water Supply & Sanitation, Odisha, for the work of execution of rural piped water supply projects pertaining to Kashinagar & Gumma Block of Gajapati including five years operation and maintenance on EPC contract.
Texmaco Rail & Engineering fell 1.43%. The company said its board has approved issuance of equity shares of the company by way of preferential issue to the promoters/ promoter group for an amount not exceeding Rs 200 crore.
Global Markets:
Overseas, Asian stocks are trading lower on Wednesday after Wall Street sank for the third consecutive day led by declines in heavyweight technology companies. Meanwhile, AstraZeneca said a late-stage trial of its Covid-19 vaccine candidate has been put on hold due to safety concerns.
Chinese inflation data for August released Wednesday showed the producer price index declined 2% in August from a year earlier, according to China's National Bureau of Statistics. The consumer price index in August rose 2.4% as compared with a year ago.
In US, stocks closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off. Among U.S. technology names, electric-car maker Tesla plunged 21.1% to suffer its biggest daily percentage drop after it was excluded from a group of companies being added to the S&P 500.
Apple dropped 6.7% to lead tech lower. Facebook and Amazon were both down more than 4%. Microsoft fell 6.7%. Netflix closed 1.8% lower and Alphabet lost 3.6%. Zoom Video fell by 5.1%.
Back home, key equity barometers ended a volatile session with minor cuts on Tuesday. The barometer index, the S&P BSE Sensex, lost 51.88 points or 0.14% at 38,365.35. The Nifty 50 index slipped 37.70 points or 0.33% at 11,317.35.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,056.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 620.29 crore in the Indian equity market on 8 September, provisional data showed.
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