FIRST TRADE: Sensex, Nifty open lower amid weak global cues, InterGlobe Aviation down over 4%

Stock market today:  The domestic stock market on Wednesday, August 16, opened lower after a rise in July domestic inflation data dented investor sentiment. Weak global cues such as weak China's economic data and Fitch's warning that it may be forced to downgrade dozens of US banks, including JPMorgan Chase, added to the gloomy mood.

Both indices opened over 0.40 per cent lower. Last seen, the S&P BSE Sensex was down 236.88 points, or 0.36 per cent at 65,165.04, and the NSE Nifty was down 87.25 points, or 0.45 per cent at 19,347.30. 

In the border market, Nifty Mid Cap 100 and Small Cap 100 also opened in red.

On the sectoral front, Bank Nifty also opened in the red following weakness in bank stocks. The index opened at 43,726.25 down 0.8 per cent.

On the flip side, Nifty IT and Realty gave support to the headline.

BUZZING STOCKS 

HDFC Bank was down 1.3 percent after the merger of HDFC with HDFC Bank has pushed credit offtake by an incremental 500 basis points. 

Bank stocks opened under pressure as concerns on Fitch to downgrade a few US banks. All bank stocks traded in red except for SBI. 

InterGlobe Aviation or IndiGo shares slipped over 3 per cent after one of the main stakeholders sold its four per cent shares, or 1.56 crore shares in total, worth Rs 3,730 crore in the company on Wednesday.

Conversely, Infosys was up over 1 per cent after the company entered into a strategic collaboration with Liberty Global.

ITC was up over 1 per cent after posting strong Q1 results. 

GLOBAL MARKETS

Asian shares declined Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy. Japan's benchmark Nikkei 225 dropped 1.1 per cent in morning trading to 31,879.84. Australia's S&P/ASX 200 dove 1.4 per cent to 7,204.00. South Korea's Kospi dipped 1.2 per cent to 2,539.48. Hong Kong's Hang Seng slipped 1.2 per cent to 18,364.11, and the Shanghai Composite lost 0.7 per cent to 3,153.43. New Zealand’s central bank left its benchmark interest rate unchanged at 5.5 per cent on Wednesday. 

(With agencies' input)

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