Indian shares opened in the red on Wednesday tracking mixed Asian cues with benchmark indices — the broader 50-share NSE Nifty starting the session below the 15,300 mark and the benchmark 30-share BSE Sensex below the 52,000 levels — dragged by banks and financials.

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At 9:15 am, the Sensex started 0.30 percent, or 154.01 points lower at 51,950.16, while the Nifty50 index opened at 15,279.85, up 39.60 points, or 0.26 percent.

Broader market indices, Nifty Smallcap100 and Nifty Midcap100 indices gained over 0.24 percent and 0.30 percent, respectively. Barring Nifty PSU Bank, Media, and Auto, all sectoral indices declined.

#CNBCTV18Market | BPCL, Nestle, Eicher, ONGC & Axis Bank are top #Nifty losers pic.twitter.com/KBBt1VOvwH

— CNBC-TV18 (@CNBCTV18Live) February 17, 2021

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,144.09 crore on Tuesday, according to exchange data.

Binod Modi Head-Strategy at Reliance Securities told news agency PTI, that domestic markets do not look inspiring at the moment. Continued buying from FPIs has driven the market in the recent period, sustained by a revival in earnings. However, rise in commodity prices and rising bond yields might spell trouble in medium-term, he said.

We are positive about the outlook of equities in the long-term, but markets may witness some pullback in near-term, with instances of rotational trading, he added.

In the early morning trade, Jockey brand manufacturer Page Industries' share price corrected almost 4 percent after reports of its CEO's resignation. The stock price traded at Rs 28,200 apiece.

On the global front, Wall Street's main indices were modestly lower in overnight trading, after Dow closed at record highs. Asian stocks followed S&P 500, stateside as investors grew concerned over rising bond yields. MSCI’s broadest index of Asia-Pacific shares, sans Japan, traded 0.41 percent lower.

Shares in Australia rose as the S&P/ASX 200 slid 0.44 percent and Japan's Nikkei slipped 0.76 percent. Meanwhile, the global oil benchmark Brent crude was trading 0.21 per cent higher at USD 63.48 per barrel.

Catch all the latest updates from the stock market here.

(Edited by : Ajay Vaishnav)

First Published:Feb 17, 2021 9:51 AM IST