Equity benchmarks erased early gains to trade in the red by midday on Wednesday, with the BSE Sensex down 239.66 points, or 0.28 per cent, at ₹84,440.20 and the NSE Nifty 50 falling 76.85 points, or 0.30 per cent, to 25,783.25 as of 1 pm.
The Sensex had opened higher at ₹84,856.26 against the previous close of ₹84,679.86, while the Nifty opened at 25,902.40 compared to Tuesday’s close of 25,860.10. Both indices attempted a tentative recovery in early trade before losing momentum and slipping into negative territory amid continued caution over mixed global cues, sustained foreign institutional investor outflows and rupee weakness.
Market breadth remained weak, with 2,501 stocks declining against 1,424 advances on the BSE, where 4,123 stocks were traded. A total of 139 stocks hit 52-week lows compared to 80 touching 52-week highs, while 146 stocks were in the lower circuit against 141 in the upper circuit.
On the Nifty 50, Shriram Finance led gains, rising 1.43 per cent to ₹860.55, followed by State Bank of India, up 1.33 per cent at ₹973.90, and Eicher Motors, which climbed 1.32 per cent to ₹7,154.50. Hindalco added 1.02 per cent to ₹845.70, while Axis Bank gained 0.91 per cent to ₹1,230.70.
Max Healthcare topped the losers’ list, dropping 3.42 per cent to ₹1,036.30, while SBI Life Insurance fell 1.78 per cent to ₹1,999.80. HDFC Life declined 1.56 per cent to ₹752.45, Apollo Hospitals shed 1.43 per cent to ₹6,951.00, and Trent lost 1.40 per cent to ₹4,051.00.
Broader indices underperformed the benchmarks, with the Nifty Midcap 100 down 0.49 per cent at 59,420.50 and the Nifty Smallcap 100 falling 0.58 per cent to 17,165.10. Sectoral indices also traded lower, with the Nifty Financial Services declining 0.63 per cent to 27,220.60, Nifty Bank down 0.31 per cent at 58,871.70, and Nifty Next 50 losing 0.36 per cent to 68,088.15.
Market participants remained cautious over uncertainty around the US interest rate trajectory and delays in India-US trade talks, though steady domestic inflows from systematic investment plans and insurance investments provided some support.