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At 11:25AM, the 30-share Sensex was down 52 points at 26,729 and the 50-share Nifty was down 29 points at 8,038.
The broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are down 1-2%.
There are 1,827 shares declining and 465 shares advancing on the BSE.
On the global front, Japanese stocks rose on Wednesday as hopes of a continuation of the US Federal Reserve's dovish stance on rates helped exporter shares brush off a stronger yen, and chart support staunched the Nikkei's recent losses. The Nikkei benchmark ticked up 0.5 percent to 16,834.53.
Back home, BSE Consumer Durables, Healthcare and Realty indices are down nearly 2% each. However, BSE Metal index is up almost 1%.
The main losers on the Sensex are Hero Moto, Bharti Airtel, Bharti Airtel, ITC and Tata Power.
Shares of pharmaceutical companies are under pressure, falling by up to 6% on the National Stock Exchange (NSE).
Currency crisis in emerging markets could result in earnings downgrades, analysts say.
Higher export realisation due to rupee depreciation may get cancelled due to forex hedges and slowdown in other markets
On the gaining side, Tata Steel, Sesa Sterlite, RIL, Axis Bank, Hindalco, SBI and HDFC have gained between 1-3%.
Tata Steel has surged by almost 3%. The state government has issued orders to restart operations of four captive iron ore mines of Tata Steel following an interim order of the Odisha High Court (HC).
HDFC is up by almost 1%. HDFC Property Fund, set up by Housing Development Finance Corp Ltd, India's biggest mortgage lender, plans to raise a $500 million fund to invest in residential real estate projects, said people directly involved in the process.
Among other shares, Hydro S&S Industries has dipped 10% to Rs 194, extending its previous day’s 6% fall on NSE, after the company said it has fixed the floor price for the offer-for-sale (OFS) issue at Rs 180 a share, through which promoter diluted almost 7.8% stake.
Shares of Natco Pharma were down over 2% at Rs 1,306 after the board alloted shares to promoters of Natco Organics at a discount to the current market price.
