11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. 11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. 11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Indian equity benchmarks traded lower in opening deals on Wednesday amid weak global cues. The domestic indices halted their 8-day winning run today, dragged by banks, financials, technology and metal stocks. The 30-share BSE Sensex pack fell 314 points or 0.51 per cent to trade at 61,041, while the broader NSE Nifty moved 91 points or 0.50 per cent down to trade at 18,057. On the global front, Wall Street equities lost over 1 per cent overnight, dragged by banking and energy stocks ahead of the US Federal Reserve rate decision, while Asian equities remained subdued.
"The fresh bout of weakness in the US markets has been triggered by the sharp correction of 5 per cent in the US Regional Bank Index. Weakness in the market caused by global concerns can be used by investors to buy high-quality stocks," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
During the last four trading days, FIIs (Foreign institutional investors) have bought equity for Rs 8,212 crore, he added.
Back home, mid- and small-cap shares were positive as Nifty Midcap 100 edged 0.07 per cent up and small-cap rose 0.21 per cent.
11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty IT and Nifty Metal were underperforming the NSE platform by falling as much as 0.41 per cent, 0.51 per cent, 0.78 per cent and 0.64 per cent, respectively.
On the stock-specific front, Hindalco was the top Nifty loser as the stock cracked 2.07 per cent to trade at Rs 436.90. Britannia, JSW Steel, ONGC and Bajaj Finance fell up to 1.13 per cent.
In contrast, NTPC, BPCL, Hero MotoCorp, Adani Enterprises and PowerGrid climbed up to 1.17 per cent.
The overall market breadth was strong as 2,179 shares were advancing while 1,314 were declining on BSE.
On the 30-share BSE index, Reliance Industries, ICICI Bank, Infosys, Tata Consultancy Services (TCS), HDFC, Bajaj Finance, Axis Bank, HCL Technologies, Bharti Airtel and Kotak Mahindra Bank were among the top laggards.
In addition, Bombay Burmah Trading, Central Bank of India, DCM Shriram and UCO Bank tanked up to 9.62 per cent. Wadia Group stocks declined after Go First filed for bankruptcy.
On the flip side, ITC, Hindustan Unilever, NTPC, Asian Paints and PowerGrid were trading in the green.
Sensex had climbed 242 points, or 0.40 per cent, to close at 61,355, while Nifty had moved 83 points, or 0.46 per cent, higher to settle at 18,148.
Nifty outlook
"Inability to clear 18,200 and the slowdown in momentum signals caution, but they are not significant enough to force an outright turn in the trend. Look for slippage past 18,094 for initial signs towards that end, but with 18,000 and 17,885 as firm supports, collapse is less likely. Alternatively, if 18,094 holds, expect upswings aiming 18,200/18,230, at which point, we will examine the strength of negative divergences that have emerged in a few oscillators," said Anand James, Chief Market Strategist at Geojit Financial Services.