Key benchmarks reversed trend and hit fresh intraday low in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 109.67 points or 0.30% at 36,542.39. The Nifty 50 index was down 18.40 points or 0.17% at 11,049.05.
Overseas, most Asian shares rose as Chinese markets extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased. South Korean markets are closed for a public holiday.
US stocks finished mostly lower Tuesday amid subdued activity as investors limited big bets ahead of the Federal Reserve's monetary-policy decision on Wednesday. Concerns about continuing trade tensions lingered, further capping the market's upside momentum.
On Tuesday, US President Donald Trump reiterated his administration's stance on trade, telling the United Nations General Assembly that his country would "no longer tolerate abuse" on that front.
Trump's statement came after US Trade Representative Robert Lighthizer said his country was ready to move ahead on a trade deal with Mexico even if it excluded Canada, as negotiations with Ontario remained at an impasse. "We're not going to say 'no deal because of Canada.' That doesn't make any sense at all," he told the US Chamber of Commerce.
In the latest US economic data, home prices rose 0.2% in July, the slowest pace of growth since last summer. Separately, the US consumer confidence index rose to 138.4 in September from 134.7.
Back home, among secondary barometers, the BSE Mid-Cap index was up 0.04%. The BSE Small-Cap index was up 0.04%. Both these indices outperformed the Sensex.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1183 shares rose and 1003 shares fell. A total of 131 shares were unchanged.
Index heavyweight and cigarette major ITC was down 2.57% to Rs 293.30.
FMCG major Hindustan Unilever (HUL) was down 1.73% to Rs 1,606.
Pharmaceutical shares were in demand. Strides Shasun (up 2.27%), Glenmark Pharmaceuticals (up 2.23%), Divi's Laboratories (up 1.93%), Lupin (up 1.84%), GlaxoSmithKline Pharmaceuticals (up 1.79%), Aurobindo Pharma (up 1.51%), Dr Reddy's Laboratories (up 1.26%), Wockhardt (up 0.96%), Cadila Healthcare (up 0.9%), Sun Pharmaceutical Industries (up 0.88%), Cipla (up 0.8%), Alkem Laboratories (up 0.27%) and Piramal Enterprises (up 0.12%), edged higher. IPCA Laboratories fell 1.85%.
IT shares declined. MindTree (down 1.78%), Oracle Financial Services Software (down 1.59%), HCL Technologies (down 1.56%), Wipro (down 1.24%), Hexaware Technologies (down 0.98%), MphasiS (down 0.22%), Persistent Systems (down 0.13%) and TCS (down 0.07%), edged lower. Infosys (up 0.07%) and Tech Mahindra (up 0.93%), edged higher.
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