Market opens on a choppy note; metal, bank stocks fall

Domestic equity benchmark BSE Sensex started on a choppy note on Wednesday tracking weakness in metal and banking stocks amid tepid cues from global markets. After opening slightly higher than its previous close, the 30-share index slipped into the red to trade 12.46 points, or 0.03 per cent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 per cent, to 11,098.05 in early trade.

In the previous session, the BSE barometer closed 147.15 points, or 0.39 per cent, higher at 37,641.27; and the Nifty rose 47.50 points, or 0.43 per cent, to 11,105.35.

Top gainers in the Sensex pack in early trade on Wednesday included Tata Motors, HCL Tech, Bajaj Auto, TechM, Sun Pharma, PowerGrid, Infosys and ITC, that rose up to 3 per cent.

On the other hand, Tata Steel, Maruti, HUL, Kotak Bank and ONGC fell up to 2 per cent.

Foreign portfolio investors sold shares worth a net of Rs 923.94 crore on Tuesday, while domestic institutional investors purchased shares worth Rs 1,162.65 crore, provisional data showed.

The rupee, meanwhile, turned flat against its previous close to trade at 71.48 in early session.

Elsewhere in Asia, bourses in Hong Kong, Korea and Japan were trading a tad higher in their respective late morning sessions, while those in China slipped into the red.

Exchanges on Wall Street too ended on a negative note on Tuesday.

Global oil benchmark Brent crude was trading 0.68 per cent higher at 59.43 per barrel.