The Indian market opened largely lower on Wednesday, tracking weakness in rupee which breached 73 per dollar amid higher crude oil prices.
The NSE Nifty50 declined by 61 points to 10,947 in the initial trade, while the BSE Sensex gained nearly 77 points to start at 36,603. However, it soon lost 176 points and was trading at 36,350.
The Nifty MidCap fell over half a percent and the BSE MidCap shed over 0.4 percent. BSE LargeCap also fell more than half a percent.
Only one out of 19 sectoral indices on the BSE traded above flatline, while others were negative with maximum weakness of over a percent seen in consumer discretionary, telecom and auto.
NSE sectoral indices fell barring media which surged 0.36 percent. Bank Nifty fell 0.76 percent to trade at 25,173 at 9.43 am. Auto was under maximum pressure, depleting by 1.54 percent.
Eicher Motors, Bharti Infratel, Maruti Suzuki, UltraTech Cement and BPCL were among top index losers, declining by 3.56 percent.
With Brent crude oil prices trading near the psychological-$85 per bbl, shares of public sector oil marketing companies were under pressure. IOC, BPCL and HPCL dipped between 1.87 percent and 1.42 percent.
Yes Bank shares continued its uptrend, rising nearly 9 percent. Apart from Yes Bank, Tech Mahindra, Cipla, Kotak Mahindra, Gail, Sun Pharma, ONGC and HDFC surged by up to 1.53 percent.
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