The Indian equity benchmark indices opened flat on Wednesday following weakness in Asian peers.
At 9:15 am, the Sensex opened 0.06 percent, or 31.71 points higher at 52,801.44, while the Nifty50 index opened at 15,808.70, down 3.65 points, or 0.02 percent.
Broader markets outperformed the benchmarks as the Nifty Smallcap100 and Nifty Midcap100 indices gained over 0.2 percent each.
Among sectoral indices, gains were seen in IT, metals and pharma indices, while Nifty Private Bank, Nifty Auto, Nifty Financial Services and Nifty Realty are trading in the red.
ICICI Bank, UltraTech Cement, HDFC Bank, Eicher Motors and Axis Bank were the top Nifty50 losers, while Tech Mahindra, L&T, ONGC, PowerGrid Corporation and Adani Ports & SEZ led the gains.
The share price of Mindtree jumped over 4 percent after the company’s Q1FY22 net profit rose 8.2 percent to Rs 343.4 crore from Rs 317.3 crore, while revenue grew 8.6 percent to Rs 2,291.7 crore from Rs 2,109.3 crore, QoQ.
Globally, Asian shares fell after data showing the biggest jump in US inflation in 13 years fuelled some market expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought, said a Reuters report.
The US consumer price index jumped 0.9 percent in June, the Labor Department said on Tuesday. That was above market expectations and the largest gain since June 2008.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.33 percent.
Meanwhile, crude oil prices steadied after data showed that China’s first-half crude imports dropped 3 percent from January to June versus a year earlier. US crude dipped 0.24 percent to $75.07 a barrel and global benchmark Brent crude fell 0.16 percent to $76.37 per barrel.