The Indian markets are trading marginally lower with the BSE Sensex having opened at 17,148, down 46 points and the Nifty at 5,186, down 14 points.
Wall Street closed its best month since October on a flat note on Tuesday as weaker-than-expected economic reports surprised investors after a stream of positive data in recent months.
The Dow Jones industrial average dropped 0.16 per cent to 12,632.91. The Standard & Poor's 500 Index ended 0.05 per cent lower at 1,312.41.
Most Asian stock markets are looking at a mixed open on Wednesday, with optimism from Europe tempered by soft housing data from the United States.
Back home, the Nifty is likely to face stiff resistance around 5,250 and may seek support around 5,160 – 5,140, technical analysts suggest.
On the sectoral front, BSE Capital Goods, Consumer Durables and Realty indices are leading the losses, having shed 1% each.
Crompton Greaves, Siemens, BHEL and L&T, down 1-7% each, are the notable gainers from the Capital Goods' space. Crompton Greaves has slipped 7% to Rs 124 after reporting a 67% year-on-year (y-o-y) drop in consolidated net profit at Rs 77 crore for the third quarter ended December 31, 2011, despite a 26% growth in net sales at Rs 3,028 crore on y-o-y basis.
IT and Bankex shares are trading marginally lower.
BSE Auto index has gained nearly 1% at 9,338. BSE Metal, Healthcare and Oil & Gas indices are trading marginally higher.
Jindal Steel, Tata Power, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra, up 1-2% each, are the prominent gainers on the Sensex. The losers from the pack are HDFC, DLF, Sterlite Industries, HDFC Bank and Infosys, down 1-2% each.
The overall market breadth is positive as 723 stocks have advanced against 490 declining ones, on the BSE.