The Indian market started on a positive note on Wednesday as the benchmark indexes touched new highs, with the Sensex opening higher by 69.82 points at 36,928.06 and the Nifty 50 climbing 12.9 points at 11,147.20.
However, the index soon pared early gains with the Sensex dropping to 36,877.71 and the Nifty slipping to 11,138.15.
Metal stocks performed well, extending their rally from the previous sessions, whereas a strong start in the midcaps was also helping the sentiment.
Asian Paints was trading more than 2.5 percent lower after the release of its June quarter results. Shares of oil marketing companies as well as the IT sector were hit on the back of rising crude oil price and weak rupee.
Shares of Symphony touched 52-week low of Rs 1,132.20, down 19 percent in the opening trade on Wednesday after weak June quarter results. The company's Q1FY19 net profit fell 49 percent to Rs 20 crore versus Rs 39 crore in the same quarter last fiscal. Bajaj group financial stocks were performing well.
Nifty Metal gained 1.29 percent among sectoral indices, while FMCG, IT, Realty traded lower. PSUs traded in the positive zone. BSE IT and Teck too were down, while BSE Bankex and metal traded positive.
The Indian rupee opened at 68.96 against the US dollar on Wednesday.
In Asia, Japan’s Nikkei was up by half a percent, while Hong Kong’s Hang Seng was trading 230 points higher.