Sensex, Nifty drop in early trade

Indian stocks cut some losses after opening a on weak note. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 177.65 points or 0.46% at 38,229.36. The Nifty 50 index was down 55.20 points or 0.49% at 11,267.30. Volatility was high in early trade.

The S&P BSE Mid-Cap index was down 0.47%. The S&P BSE Small-Cap index was down 0.22%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 793 shares rose and 924 shares fell. A total of 88 shares were unchanged.

IIP data:

India's industrial output contracted to 16.6% in June as against a 1.3% growth year-on-year (YoY), as per the Index of Industrial Production (IIP) data released by the government on August 11.

Stocks in news:

HDFC fell 0.46%. HDFC said that the company has raised Rs 10,000 crore through QIP and Rs 3,693 crore through non-convertible debentures.

Eicher Motors rose 0.83%. Eicher Motors said its members approved sub-division of each existing equity share of face value of Rs 10 each into 10 equity shares of face value of Re 1 each.

Adani Ports & Special Economic Zone (APSEZ) rose 2.06%. APSEZ reported 25.86% fall in consolidated net profit to Rs 758.02 crore on 14.53% fall in total income to Rs 2,749.46 crore in Q1 June 2020 over Q1 June 2019.

Metropolis Healthcare rose 0.61%. The company reported 89.17% fall in consolidated net profit to Rs 2.90 crore on 28.59% fall in total income to Rs 146.28 crore in Q1 June 2020 over Q1 June 2019.

Godawari Power & Ispat gained 4.99%. The company reported 14.52% fall in consolidated net profit to Rs 46.49 crore on 14.74% fall in total income to Rs 712.31 crore in Q1 June 2020 over Q1 June 2019.

Gujarat Alkalies & Chemicals dropped 3.06% after the company reported 79.97% fall in consolidated net profit to Rs 31.81 crore on 36.95% fall in total income to Rs 482.60 crore in Q1 June 2020 over Q1 June 2019.

Global Markets:

Overseas, Asian stocks are trading lower on Wednesday after Wall Street dipped amid growing uncertainty about an additional round of US fiscal stimulus.

In US, stocks closed lower on Tuesday on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal.

Political gridlock between the Republican White House and congressional Democrats over coronavirus relief continued for a fourth day, with each party blaming the other for intransigence.

Back home, key domestic benchmarks ended with decent gains on Tuesday, supported by banks and metal stocks amid positive global cues. The barometer index, the S&P BSE Sensex, rose 224.93 points or 0.59% at 38,407.01. The Nifty 50 index added 52.35 points or 0.46% at 11,322.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,013.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,415.54 crore in the Indian equity market on 11 August, provisional data showed.

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