Equity benchmark indices dipped during early hours on Wednesday with metal and auto stocks witnessing profit-booking by traders.
At 10:15 am, the BSE S&P Sensex was down by 297 points or 0.61 percent at 48,051 while the Nifty 50 lowered by 91 points or 0.64 percent to 14,148.
Except for Nifty IT, all other sectoral indices at the National Stock Exchange were in the red with Nifty metal dipping by 1.4 percent, private bank and realty by 1.3 percent each, and auto by 1 percent.
Among stocks, Hindalco cracked by 3 percent to Rs 233.05 per share while Tata Steel and JSW Steel lost by 2.3 percent each.
Index heavyweight Reliance Industries shed 1.8 percent to Rs 1,904.70 per share. IndusInd Bank lost by 1.7 percent.
The other prominent losers were Tata Motors, Eicher Motors, Hero MotoCorp, Hindustan Lever, and IndianOil Corporation.
However, Wipro gained by 2.8 percent to Rs 449.45 per share and Tech Mahindra by 1.6 percent. Maruti Suzuki, ITC, Britannia, and Nestle India to trade with a positive bias.
Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve’s guidance on its monetary policy.
MSCI’s gauge of Asian ex-Japan shares slipped by 0.3 percent, dragged lower by profit-taking in resource shares.
But Japan’s Nikkei rose by 0.2 percent while South Korea and Taiwan eked out small gains.