Indian benchmark indices BSE Sensex and NSE's Nifty 50 traded lower on Wednesday, dragged mainly by the PSU bank index. At 11:53 am, the Sensex was down 81.73 points or 0.21 percent, at 39,668, while Nifty50 was down 22.40 points or 0.19 percent at 11,906.35.

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The Nifty IT was the best-performing sector followed by Nifty FMCG and Nifty Pharma. The major losing sector is the Nifty PSU Bank, dragged by Punjab National Bank.

Bharti Infratel, GAIL, TCS, HCL Technologies and Wipro were among the major gainers on the Nifty50, whereas Zee Entertainment, Vedanta, ONGC, JSW Steel and Indiabulls Housing Finance led losses.

Manpasand Beverages shares hit the lower circuit for a third consecutive day on today after the company's top executives were arrested by the goods and services tax (GST) department on May 24. The company also announced the resignation of two board members on May 27.

Shares of Hindustan Copper gained over 3 percent in early trade, a day after the state-run company reported an 85 percent increase in its standalone net profit to Rs 40.46 crore in the fourth quarter of 2018-19 (FY19) as compared to Rs 21.92 crore in the year-ago period.

Meanwhile, Asian stocks slipped on Wednesday, after US President Donald Trump said that the US was "not ready" to strike a deal with China. He also said that the tariffs on China could go up "substantially".

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.25 percent in the morning.

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First Published:May 29, 2019 12:30 PM IST