The Indian equity benchmark indices opened lower on Wednesday dragged by selling across the board amid negative trends in the global markets.
At 9:15 am, the Sensex opened 0.98 percent, or 376.79 points, lower at 37,988.56, while the Nifty50 index opened at 11,218.60, down 98.75 points, or 0.87 percent. Broader markets reeled under pressure as Nifty Smallcap100 and Nifty Midcap100 indices were down 1.36 percent and 1.19 percent, respectively.
Among sectoral indices, the Nifty Metal index saw most losses, falling over 3 percent followed by Nifty PSU Bank, Nifty Realty, Nifty Auto and Nifty FMCG.
ONGC, UPL, Tata Steel, Hindalco Industries and Coal India led the decline among Nifty50 constituents while HDFC Life Insurance, Bharti Airtel, Asian Paints, Dr Reddy's Laboratories and Cipla were the top gainers.
Shares of IRCTC fell over 3 percent as the government plans to sell about 15-20 percent stake in the company via offer for sale (OFS).
HDFC Life Insurance stock price gained over 1 percent after the company saw a 44.7 percent YoY increase in new premium to Rs 1,903.96 crore in August.
Meanwhile in Asia, shares and oil prices extended their rebound on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus.