Indices drift lower in early trade; breadth strong

Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 90.50 points or 0.16% at 58,188.98. The Nifty 50 index was down 19.20 points or 0.11% at 17,342.90. Asian stocks are trading mixed.

The S&P BSE Mid-Cap index was up 0.4%. The S&P BSE Small-Cap index was up 0.35%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1558 shares rose and 851 shares fell. A total of 109 shares were unchanged.

Stocks in news:

Wipro fell 0.91%. Wipro announced a partnership with Securonix, a Gartner Magic Quadrant Leader SIEM (Security Information and Event Management) vendor, and provider of the Securonix Security Operations & Analytics Platform. The partnership brings together Securonix's cloud-first SIEM, analytics-driven detection and automated response tools with Wipro's global reach and cybersecurity intelligence capabilities to provide organizations with improved governance and security threat protection.

Maruti Suzuki India fell 0.91%. Maruti Suzuki India said that production in August dropped to 113,937 units against 123,769 units (YoY). Production volume in August was affected due to electronic components shortage.

TVS Motor Company fell 1.07%. TVS Motor Company announced their new distribution partnership with ETG Logistics (ETGL). ETGL will operate 30 dealerships for TVS Motor Company in South Africa as part of this partnership. The company will also support TVS Motor with dedicated sales, service, spares and customer relationship management (CRM), including the assembly set-up and training centre in Johannesburg.

E.I.D.- Parry (India) rose 1.76%. E.I.D.- Parry (India) said that its board of directors has approved the setting up of a 120 KLPD Grain/Sugar Syrup/Molasses based distillery at the company's Sankili unit in Andhra Pradesh.

PSP Projects rose 1.79%. PSP Projects said the company is in receipt of Letter of Intent(s) for projects worth Rs 132.57 crore towards industrial and precast segment from different clients in Gujarat.

MAS Financial Services rose 1.2%. MAS Financial Services announced co-lending partnership with Bank of India for MSME loans.

Global Markets:

Asian stocks are trading mixed on Wednesday trade, as data showed Japan's economy grew faster than previous estimates.

Japan's economy grew faster than the initially estimated in the April-June quarter. Revised gross domestic product (GDP) data by the Cabinet Office released on Wednesday showed the economy grew an annualised 1.9% in April-June, from an initial estimate of a 1.3% expansion.

In US, the Dow Jones and S&P 500 fell on Tuesday, on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.

Back home, the benchmarks indices snapped their three-day rising streak and ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, shed 17.43 points or 0.03% to 58,279.48. The Nifty 50 index lost 15.70 points or 0.09% to 17,362.10.

Foreign portfolio investors (FPIs) sold shares worth Rs 145.45 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 136.57 crore in the Indian equity market on 7 September, provisional data showed.

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