Sensex, Nifty open lower; BHEL slips 6%

Equity indices are trading with losses after registering a gap down opening. The Nifty opened below the 18,000 mark and slipped lower. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 390.12 points or 0.65% to 60,043.54. The Nifty 50 index fell 107.55 points or 0.6% to 17,936.70.

In the broader market, the S&P BSE Mid-Cap index fell 0.26% while the S&P BSE Small-Cap index was down 0.01%.

The market breadth was positive. On the BSE, 1145 shares rose and 1042 shares fell. A total of 104 shares were unchanged.

Stocks in Spotlight:

Power Grid Corporation of India fell 0.35%. The PSU company reported a consolidated net profit of Rs 3,376.38 crore in Q2 FY22 as against a net profit of Rs 3,094.10 crore in Q2 FY21. Total income during the quarter rose to Rs 10,514.74 crore. The company had recorded total income of Rs 9,831 crore in the same period last year.

Bharat Heavy Electricals (BHEL) slumped 6%. The PSU company reported a consolidated net loss of Rs 45.98 crore in Q2 FY22 as against a net loss of Rs 552.02 crore in Q2 FY21. Income from operations during the quarter rose 42.6% YoY to Rs 4,910.62 crore.

Housing Development Finance Corporation fell 1.72%. The NBFC announced plans to raise Rs 3,000 crore by issuing secured, redeemable NCDs on a private placement basis. The coupon rate has been fixed at 7.10% per annum.

Global Markets:

Asian stocks are trading mixed on Wednesday trade as investors reacted to the release of Chinese inflation data for October.

China's consumer inflation for October came in roughly in line with expectations, according to official data released Wednesday. The consumer price index for October rose 1.5% from last year. Producer prices, however, rose more than expected. The producer price index for October surged 13.5% from last year.

Wall Street closed lower on Tuesday as profit-taking and worries over ongoing inflation fueled a broad sell-off.

U.S. inflation data for October is also set to be released later Wednesday stateside.

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