The Indian market opened marginally higher on Wednesday led by bank and energy stocks. However, indices soon erased gains as traders took to profit-booking.

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Meanwhile, global markets also remained muted as initial enthusiasm over the latest US-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods.

The 30-share S&P BSE Sensex was trading lower by over 75 points, or 0.2 percent, at 39,741 at 9.20 am, while the broader Nifty dipped 21 points, or 0.2 percent, to trade at 11,889.60.

Broader market indices also traded largely flat with the Nifty MidCap 0.04 percent up. Bank Nifty was up 0.10 percent.

As many as 32 sectors advanced, while 11 sectors declined. Power, realty and auto sectors were up, while pharma FMCG, PSU banks, financials were down.

Among gainers, BPCL, Indian Oil, Asian Paints, Yes Bank and Grasim gained by up to 1.43 percent. Among losers, Eicher Motors, HDFC, Dr Reddy's Labs, Vedanta and Hindalco dipped 0.83 percent.

Meanwhile, the rupee opened higher against the US dollar, starting at 68.87. On Tuesday, the home currency had settled at 68.95 against the greenback.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 512 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were down 0.55 percent to 6.84 percent from its previous close of 6.88 percent. Bond yields and prices move in opposite directions.

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