The Indian market was trading lower on Wednesday as trade war concerns between the US and China resurfaced following US Treasury Secretary Steven Mnuchin's comments that the Trump administration would keep tariffs on Chinese goods in place until the second phase of a trade deal between the two countries is completed.

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At 12.17 pm, the Sensex was trading 258 points lower at 41,693, while the Nifty was down by 71 points at 12,291.

Meanwhile, broader markets outperformed with the Nifty MidCap 100 index up nearly half a percent. The Nifty SmallCap 100 index climbed 0.41 percent.

Sectoral indices were mixed with the banking gauge Nifty Bank down well over a percent. Nifty Financial Service, FMCG, IT, Pharma, PSU Bank and Private Bank fell by up to 1.2 percent. Nifty Realty rose 0.87 percent.

Among stocks, Yes Bank, Zee Entertainment Enterprises, Hero MotoCorp, Titan and Hindalco rose by up to 6 percent. IndusInd Bank, Wipro, Infosys, State Bank of India and Dr Reddy's Labs fell between 1 and 5 percent.

Yes Bank shares jumped almost 6 percent as the lender acquired around 30 percent stake in Rosa Power Supply Company Ltd (RPSCL), a wholly-owned subsidiary of Reliance Power.

Shares of IndusInd Bank declined as much as 4.5 percent in early trade on Wednesday on asset quality concerns, a day after the private sector lender released its third-quarter results.

Wipro shares fell as the IT company has guided for a lower-than-expected sequential growth in sales in the March quarter.

MindTree Ltd rose almost 4 percent intra-day to its highest since July 3 after the IT firm beat market expectations with a 3 percent rise in quarterly profit.

In the currency market, the rupee traded at 70.88 per US dollar at 12.39 pm. The home currency depreciated 8 paise to 70.96 against the greenback in the morning session.

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