Indian markets were trading flat, after a good rally seen on Tuesday. Most of Asia was trading subdued, with the Japanese Nikkei up marginally, while mainland China stocks were down.
The Sensex was trading with gains of 40 points, while the Nifty was up 12 points in early trade at 11,534 points. Banking stocks were trading slightly weakish with SBI and ICICI Bank among the early losers in trade, while Kotak Mahindra Bank gained ground. Bharti Airtel, Titan and JSW Steel were the early gainers in trade from the Nifty space.
Shares in Lakshmi Vilas Bank were up 10 per cent, after the bank said due diligence on its proposed amalgamation with mid-sized non-banking lender Clix Capital Group is "substantially complete" and the parties are in discussions on the next steps.
Shares in airline company, SpiceJet was down 2 per cent after the budget carrier reported a net loss of Rs 600.5 crore for the first quarter ended June 30, owing to the suspension of flight operations due to the Covid-induced lockdown.
Road developer, IRB Infra saw its shares rise after the company's arm entered into a pact with NHAI for executing a stretch of Vadodara-Mumbai Expressway in Gujarat at a cost of Rs 1,755 crore.