Equity benchmark indices opened in the negative territory on Wednesday tracking global cues. Investors will also follow the release of the minutes of the Reserve Bank of India's Monetary Policy meeting later in the day.
Currently, the Sensex is trading 82 points lower at 37,246, while the Nifty is down 31 points at 10,958. Reliance Industries, Larsen & Toubro, Kotak Bank and HDFC Bank weighed on the Sensex the most.
Britannia, Yes Bank, Indiabulls Housing Finance, Dr Reddy's, Hindalco and Tata Motors are among the top losers, while Eicher Motors, Infosys, Bharat Petroleum, GAIL and Sun Pharma stocks gain on the Nifty.
Market breadth favoured losses with 593 stocks trading higher on the NSE and 914 in the negative territory.
Shares of Dr Reddy’s Laboratories slipped 2% after it has received eight Form 483 observations by USFDA in the audit of formulations manufacturing plant at Duvvada, Vishakapatnam.
On the international front, US President Trump said that he had to confront China over trade even if it caused short-term harm to the US economy "because Beijing had been cheating Washington for decades".
On the currency front, the rupee opened 26 paise higher at 71.45 against the US dollar on Wednesday.
Foreign institutional investors (FIIs) bought equities worth Rs373.23cr on Tuesday, according to provisional exchange data.
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