Indian shares opened flat on Wednesday following weakness in Asian peers amid worries that rising inflation in the United States could lead to earlier rate hikes and higher bond yields globally.

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At 9:15 am, the Sensex opened 0.02 percent, or 9.47 points, higher at 49,171.28, while the Nifty50 index opened at 14,823.55, down 27.20 points, or 0.18 percent.

Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 indices trading higher.

Among sectoral indices, gains were seen in metals, PSU Bank, auto and FMCG indices, while Nifty Private Bank, Nifty Financial Services and Nifty IT were under pressure.

Mahindra & Mahindra, HDFC, IndusInd Bank, ICICI Bank and Hindustan Unilever were the top Nifty50 losers, while ONGC, NTPC, Tata Motors, Hindalco Industries and JSW Steel were the top index gainers.

Shares of Mahindra & Mahindra fell over a percent after the domestic auto company said its sales volume for the quarter ended June 2021 was estimated to be lower by 15-20 percent YoY due to the second wave of the coronavirus pandemic. The revenue and profitability will also be impacted in line with the fall in volumes, M&M said.

The stock price of Godrej Consumer Products rallied 10 percent after the company’s Q4FY21 consolidated profit rose 59.1 percent to Rs 365.84 crore from Rs 229.9 crore and revenue increased 26.8 percent to Rs 2,730.74 crore from Rs 2,153.80 crore, YoY.

Globally, Asian shares fell for a second straight session on Wednesday to one-month lows as investors speculated surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.

MSCI’s broadest index of Asia-Pacific shares outside Japan faltered 0.5 percent, after tumbling 1.6 percent on Tuesday for its biggest daily percentage drop since March 24.

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(Edited by : Ajay Vaishnav)