The Indian stock market opened on a subdued note on Wednesday, with benchmark indices showing minimal movement in early trade.
The Sensex inched up by 12 points to 85,151, while the Nifty slipped 18 points to 26,014.
Most major Sensex constituents were trading in the red, keeping the indices largely range-bound. HUL, Titan, Tata Motors PV, NTPC, BEL, Trent, Bajaj Finserv, Kotak Bank, Ultratech Cement, Maruti Suzuki, L&T, Power Grid, and ITC were among the top losers in the morning session.
Despite the broader weakness, select heavyweights provided support. TCS, Infosys, Eternal, HCL Tech, Axis Bank, Tech Mahindra, and Adani Ports were trading higher, helping limit the downside.
In the broader market, mid- and small-cap stocks showed resilience. The Nifty MidCap index rose 0.02 per cent, while the Nifty SmallCap index gained 0.08 per cent after erasing early losses.
Sector-wise, IT and pharma stocks outperformed. The Nifty IT index gained 0.7 per cent, while the Nifty Pharma index added 0.3 per cent. These sectors benefited as the Indian Rupee hit a record low, with companies in these industries earning a significant portion of their revenue in dollars while most expenses are in rupees.
Conversely, PSU bank stocks came under pressure, with the Nifty PSU Bank index down 0.6 per cent in early trade.
(IANS)