Indian benchmarks continued to extend losses during the noon trading session tracking the weakness in the Asian markets. All the sectoral indices are trading in the red with bank, power, realty and PSU bank indices down 1 percent each. BSE midcap and smallcap indices down over 0.5 percent each.
Overseas, European stocks are seen opening lower on Wednesday as investors await a statement from the Fed policy meeting and a press conference by Fed chair Jerome Powell due tonight for clues on the timing of stimulus tapering.
Oil prices rose slightly after industry data showed U.S. crude and product inventories fell more sharply than expected last week.
On the corporate front, Torrent Pharma gains 3% in a weak market on healthy margins in June quarter. While, Shares of Dr Reddy's Laboratories extended their decline into second straight day, falling 14 per cent in two days, after the company reported the disappointing results for the quarter ended June 2021. Also Shares of UTI Asset Management Company (AMC) hit a new high of Rs 994 as they rallied 8 per cent on the BSE in intra-day trade on Wednesday.
At 12:27 hours, the 30-share benchmark index was trading at 52184.29 down by -394.47 points or by -0.75 % and then NSE Nifty was at 15629.05 down by -117.4 points or by -0.75 %.
Sensex touched intraday high of 52673.69 and intraday low of 51802.73 The NSE Nifty touched intraday high of 15767.5 and intraday low of 15513.45.
The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 559.30,+3.49%), IndusInd Bank Ltd. (Rs. 991.10,+1.58%), Hindustan Unilever Ltd. (Rs. 2365.00,+0.95%), Bajaj Finserv Ltd. (Rs. 13916.30,+0.83%), Titan Company Ltd. (Rs. 1738.05,+0.39%), among others.
The top losers of the BSE Sensex pack were Dr. Reddy's Laboratories Ltd. (Rs. 4709.10,-2.79%), Axis Bank Ltd. (Rs. 715.35,-2.24%), NTPC Ltd. (Rs. 116.10,-2.23%), Mahindra & Mahindra Ltd. (Rs. 730.00,-2.07%), Kotak Mahindra Bank Ltd. (Rs. 1666.00,-1.88%), among others.
Among the sectors, BSETECk index was at 13317.8 up by 7.44 points or by 0.06%. Tata Communications Ltd. (Rs. 1425.70,+6.01%), Indus Towers Ltd. (Rs. 232.55,+4.28%), Bharti Airtel Ltd. (Rs. 559.30,+3.49%), Vodafone Idea Ltd. (Rs. 8.56,+1.78%), Sterlite Technologies Ltd. (Rs. 301.00,+0.80%),.
On the other side, Bankex index was at 38931.01 down by -582.39 points or by -1.47%. Au Small Finance Bank Ltd. (Rs. 1159.35,-2.94%), Axis Bank Ltd. (Rs. 715.35,-2.24%), Kotak Mahindra Bank Ltd. (Rs. 1666.00,-1.88%), HDFC Bank Ltd. (Rs. 1413.45,-1.83%), State Bank of India (Rs. 423.25,-1.44%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3371 , shares advanced were 1204 while 2045 shares declined and 122 were unchanged.