The S&P BSE Sensex dipped over 200 points to 38,267 levels, having earlier risen to 38,600 levels, and the Nifty50 index was hovering around 11,350-mark. IndusInd Bank surged as much as 7 per cent after he bank got an approval to raise Rs 3,288 crore through preferential issue of fully paid-up shares. Besides, YES Bank also rose 3 per cent higher after the announcement of its June quarter results.

On the other hand, Reliance Industries slipped 1 per cent in early deals.

The Nifty sectoral indices were trading mixed, with the Nifty IT index, down 1 per cent, leading the list of losers.

The broader markets performed relatively better, with the S&P BSE MidCap index and SmallCap index trading 0.5 per cent and 0.7 per cent higher, respectively.