FIRST TRADE: Sensex down over 100 points, Nifty over 20 points; Coal India top gainer

Stock market today: The domestic stock market opened lower on Wednesday, August 9, amid muted global cues. Sensex opened over 100 points lower and NSE Nifty over 20 points. In the overnight trade, US stocks ended lower after credit rating agency Moody's downgraded 10 US banks and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability.

Back home, the market lacked direction as investors keenly awaited the Reserve Bank of India's (RBI) monetary policy decision, which is due this week. The Nifty opened at 19,578.8 while the Sensex opened at 65,810.96.

Among the Nifty50 basket, Coal India, Adani Ports, Dr. Reddy's Laboratories, SBI Life, and Adani Enterprises were among the top gainers. On the other hand, Divi's Laboratories, IndusInd Bank, HCL Tech, Reliance, and Maruti Suzuki were the top losers in the early trade.

In the broader market, at the time of filing this report, the NSE MidCap 100 was down 0.26 per cent at 37,812.50 levels, while the Nifty SmallCap index was trading 0.40 per cent higher at 11,803.55 points.

BUZZING STOCKS

Gland Pharma jumped 5 per cent to hit a high of Rs 1,739 on the BSE. PB Fintech and Phoenix Mills were up over 2 per cent after posting June quarter numbers. 

On the other hand, Prestige Estates was down over 2 per cent after the company reported mixed quarterly numbers. Dhampur Sugar opened over 1 per cent higher post-results but pared gains soon after. GSFC fell over 4 per cent after posting weak results.

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