Markets trade lower on weak global trends

This comes after benchmark Sensex declined by 195 points on Tuesday, snapping its four-day gaining streak due to selling in IT shares and index heavyweight Reliance Industries amid weak trends from global markets and foreign fund outflows.

The BSE building.

Credit: Reuters Photo

Mumbai: Equity benchmark indices traded lower in early trade on Wednesday amid weak trends from the US markets and selling in IT stocks.

Extending its previous day's decline, the 30-share BSE Sensex went lower by 229.04 points to 73,448.09. The Nifty slipped 63.15 points to 22,293.15.

Among the Sensex firms, Power Grid, Tata Steel, Wipro, Tech Mahindra, NTPC, State Bank of India and Bajaj Finserv were the laggards.

Kotak Mahindra Bank, ICICI Bank, Axis Bank, Nestle and Sun Pharma were among the gainers.

In Asian markets, Seoul and Tokyo quoted lower while Shanghai and Hong Kong traded with gains.

The US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.13 per cent to $82.15 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 574.28 crore on Tuesday, according to exchange data.

Taking a breather after a record-breaking rally, the BSE benchmark declined 195.16 points or 0.26 per cent to settle at 73,677.13 on Tuesday. The Nifty dipped 49.30 points or 0.22 per cent to 22,356.30.