Key barometers reported fresh intraday low in the morning trade. Metals and banks stocks were under pressure. At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 126.19 points or 0.34% at 37,515.27. The Nifty 50 index was down 37.75 points or 0.34% at 11,067.60.
The S&P BSE Mid-Cap index was down 0.18%. The S&P BSE Small-Cap index was up 0.06%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 853 shares rose and 933 shares fell. A total of 107 shares were unchanged.
Overseas, Asian stocks were mixed on Wednesday, as deeper worries about the global economy kept a lid on sentiment.
US stocks slipped on Tuesday, weighed down by financial stocks as a deepening of the Treasury yield curve inversion raised US recession worries and uncertainty over any progress in trade negotiations between the United States and China took a toll.
Back home, the S&P BSE Metal index was down 2.19% at 8,375.08. The S&P BSE Bankex was down 0.59% at 31,564.44.
IDBI Bank slumped 8.15% to Rs 27.05 after credit rating agency, S&P Global Ratings put bank's credit ratings on a credit watch with negative implications. S&P Global Ratings stated that IDBI Bank has breached its regulatory capital requirements after a substantial loss in first quarter of fiscal 2020. The rating agency further added that it will resolve the CreditWatch in the next three months once the bank comes with a resolution plan and timeline for shoring up its capital base.
Premier Explosives announced the inauguration of its new plant solid propellant plant at Katepally, Hyderabad. The stock was trading 2.44% higher at Rs 168.
Fine Organic Industries reported that it has commenced operations at the company's new manufacturing facility situated at Ambernath Industrial Area, Maharashtra from yesterday, 27 August 2019. The stock was trading 0.14% higher at Rs 1430.
Future Enterprises gained 1.19%. Acuite Ratings & Research reaffirmed the credit rating assigned to the company's commercial paper at 'ACUITE A1+'.
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