The Indian market opened negative on Wednesday, tracking weak global cues as US-China trade war concerns resurfaced. President Donald Trump’s latest tweet has cast fresh doubts on the outcome of the three-month truce deal agreed upon by the US and China.

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Domestic investors remained cautious ahead of the Reserve Bank of India Monetary Policy Committee review meeting outcome.

The Sensex dipped 194 points to 35,940 in initial trade, while the Nifty was down by nearly 63 points, or 0.58 percent, to 10,807. At 9.44 am, the Sensex was down by 233 points, while the Nifty dipped nearly 75 points to trade below the 10,800 mark.

The Nifty MidCap was lower by 0.61 percent and the Nifty Bank index also slipped by 99 points.

Among sectoral indexes, BSE Oil & Gas advanced, leading the only 4 gaining sectors, while BSE Metal was the weakest among 39 declining sectors.

Among the top laggards, Tata Motors slipped 2.3 percent, while Hindalco, Tata Steel, Grasim, Vedanta dipped by up to 1.56 percent. Among the gainers, Bharti Infratel, NTPC, Adani Ports, HCL Technologies and ONGC surged by up to 0.77 percent.

The rupee opened weaker at 70.64 against the US dollar, after Tuesday's close at 70.49 against the greenback.

Asian markets traded under pressure with Hong Kong's Hang Seng shedding more than 400 points, or 1.5 percent. Japan's Nikkei also declined by nearly a percent.

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First Published:Dec 5, 2018 9:58 AM IST