Indian shares ended lower on Wednesday despite benchmark indices making a recovery in the last hour of trade after yet another day marked by volatility. The NSE Nifty50 closed 14 points lower at 11,053.80 and the BSE Sensex gained 185 points from lows to end the session 110 points lower at 36,542.27.
ITC, TCS and Infosys were major drags on the Nifty, while Reliance and HDFC Bank provided support. In the broader markets, Nifty Bank edged 46 points higher to see a close at 25,335 with major support coming in from private banks like ICICI Bank, HDFC Bank and Yes Bank. Nifty Midcap Index advanced 56 points to 17,920.75.
Nifty PSU Bank index was the biggest loser amongst sectoral indices with a 2.2 percent fall, led by SBI that slipped 3 percent.
Sugar stocks reacted negatively to the Cabinet nod on financial assistance of Rs 5,538 crore to the sector. Balrampur Chini, Dwarikesh Sugar, Dhampur Sugar, Triveni Engineering fell 5-10 percent.
The Modi Cabinet also cleared the new Telecom Policy that helped Idea gain 2 percent and Bharti Airtel 0.2 percent.
Housing finance companies put an end to the losing streak with Indiabulls Housing moving 7 percent higher and DHFL gaining 2 percent after rating agencies affirmed rating on both the stocks.
The futures market saw Nifty put option of 11,000 Call for 4 lakh shares being shed in the open interest with premium seeing 3 percent uptrend. The call option of 11,050 added 5 lakh shares in the open interest with premium slipping 54 percent. Nifty September Futures closed with a discount of four points against a premium of 19 points on Tuesday.
Asian markets saw gains on Wednesday, despite the White House's reiterating its tough stance on trade. The Nikkei 225 recovered from its losses in the morning to end higher by 0.39 percent at 24,033.79. The Topix index, on the other hand, rose from its earlier low to close largely flat at 1,821.67.
Down Under, the ASX 200 pared some of its gains but still closed higher by 0.1 percent at 6,192.3, with mining major Rio Tinto advancing by 1.16 percent, while BHP Billiton was higher by 1.17 percent.
In Greater China markets, Hong Kong's Hang Seng index closed 1.1 percent higher. Over on the mainland, the Shanghai composite closed higher by 0.92 percent at around 2,806.82, while the Shenzhen composite advanced by 0.73 percent at about 1,447.85.
South Korean markets were closed on account of a public holiday.
In the oil markets, Brent crude slipped from 4-year high of $82.20/bbl as the US government tried to assure consumers that the market would be well supplied before sanctions are re-imposed on producer Iran.