New Delhi, India (BBN)-India markets ended the session on a lower note on continues selling spree by FIIs amid worries surrounding taxation coupled with a mixed bag of corporate earnings.
Also, investors remained cautious ahead of the April F&O expiry due tomorrow.
Provisionally, the 30-share Sensex ended 194 points lower at 27,202 and the 50-share Nifty lost 49 points to close at 8,237, reports Business Standard.
Markets turn choppy in the late noon trades amid a mixed bag of corporate earnings.
Also, investors are awaiting patiently for the April F&O expiry due tomorrow.
At 2.10 PM, the 30-share Sensex is down 85 points at 27,311 and the 50-share Nifty has shed 17 points at 8,269.
The rupee was trading flat against the US dollar today at the Interbank Foreign Exchange.
The weakness in dollar against other currencies overseas on weaker US data capped the rupee’s fall.
Crude oil prices dipped on Wednesday as oversupply outweighed political uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco.
On the sectoral front, BSE FMCG, Metal and Auto indices are trading lower up to 1.5%.
However, BSE Healthcare, IT, Bankex, Consumer Durables, Realty indices are trading higher up to 2%.
FMCG stocks continue to remain subdued as weak monsoon forecast is likely to hit rural volumes.
ITC is down 2% while Hindustan Unilever eased 0.5%.
Bharti Airtel has lost nearly 1% after the company reported weaker than expected earnings.
It posted a 30.5% profit increase in the three months ended March.
Most of the IT stocks have showed a smart recovery after few session of losses.
Tech Msahindra, Mintree, Infosys and Wipro are trading higher up to 4.5%.
Mortgage lender HDFC declined 1%, Vedanta has shed 3.5% while private banking major Axis Bank has gained 3% ahead of their March quarter earnings scheduled later in the day.
ICICI Bank which had surged 8% on Tuesday extended gains and is up nearly 2% after several domestic brokerages upgraded the stock with ‘buy’ rating on expectations of improvement in asset quality going forward.
In the pharma segment, Sun Pharma and Cipla have rebounded on renewed buying interest up 1-2% each while Dr Reddy’s Labs is down 1%.
Oil and Gas majors RIL and ONGC are trading lower by 0.3% on further decline in crude prices.
Tata Steel rises 1.3%. British steel unions have given a legal notice to Tata Steel UK, a unit of Tata Steel Ltd, about their intention to start balloting members for industrial action, according toReuters.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.5-1%.
The market breadth is positive with 1,521 gainers and 983 losers on the BSE.