Equity indices volatile in early trade, IndusInd Bank gains 3.8 pc

Equity benchmark indices bounced between gains and losses in a volatile trade during early hours on Wednesday amid mixed cues in global markets.

At 10:15 am, the BSE S&P Sensex was down by 89 points or 0.23 per cent at 38,404 while the Nifty 50 lost 14 points or 0.12 per cent at 11,287. Sectoral indices at the National Stock Exchange were mixed with thin margins.

Among stocks, IndusInd Bank gained by 3.8 per cent to Rs 547.15 per share after its board approved a Rs 3,288-crore fund raising plan through a preferential issue. It also reported 64 per cent fall in consolidated net profit at Rs 510 crore for the quarter ended June 30.

Metal majors were up with Tata Steel gaining by 2.4 per cent, JSW Steel by 1.7 per cent and Vedanta by 1.5 per cent. The other major gainers were Grasim, Dr Reddy's, Larsen & Toubro and Eicher Motors.

However, Ad Ports, Nestle India, HCL Technologies, Infosys and Maruti Suzuki traded with a negative bias. Index heavyweight Reliance Industries was down by 1 per cent to Rs 2,155.80 per share.

Meanwhile, Asian markets were mixed with MSCI's broadest index of Asia Pacific shares outside Japan rising by 0.1 per cent while Japan's Nikkei was down by 0.8 per cent in a weak start to corporate earnings season.

( With inputs from ANI )