The Indian equity benchmark indices declined in the opening trade on Wednesday dragged by selling in metal, auto and energy stocks amid mixed global cues.

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At 9:20 am, the Sensex declined 0.39 percent, or 187.50 points to 48,160.09, while the Nifty50 index traded at 14,158.65, down 80.25 points, or 0.56 percent.

Selling in index heavyweights such as RIL, HDFC, Infosys, TCS, ICICI Bank, among others dragged Nifty below 14,200 levels.

Broader markets contributed to the losses with Nifty Smallcap100 and Nifty Midcap100 indices down 0.62 percent and 0.79 percent, respectively.

Barring Nifty IT, all the sectoral indices were trading in the red with the Nifty Auto, Nifty Metal and Nifty Pharma falling the most in the early morning session.

Tata Motors, JSW Steel, Hero MotoCrop, IOC and Tata Steel were the Nifty50 top losers, while Adani Ports & SEZ, UPL, UltraTech Cement, Wipro and Tech Mahindra were the top index gainers.

Shares of Larsen & Toubro gained after the company’s net profit in Q3FY21 rose 4.9 percent to Rs 2,466.7 crore from Rs 2,352 crore, while revenue fell 1.8 percent to Rs 35,596.4 crore from Rs 36,243 crore, YoY.

Meanwhile, in Asia, equities slipped on Wednesday as investors looked to the Federal Reserve's guidance on its monetary policy while futures for US tech shares jumped after strong earnings from Microsoft.

MSCI's gauge of Asian ex-Japan shares slipped 0.3 percent, dragged lower by profit-taking in resource shares as some investors have grown wary of stretched valuations.

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