The market pared losses after hitting fresh intraday low in the early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was down 143.90 points or 0.39% at 36,508.16. The Nifty 50 index was down 37.45 points or 0.34% at 11,030.
Among secondary barometers, the BSE Mid-Cap index was up 0.10%. The BSE Small-Cap index was up 0.02%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1207 shares rose and 1121 shares fell. A total of 137 shares were unchanged.
Most auto shares declined. Tata Motors (down 3.55%), TVS Motor Company (down 2.03%), Maruti Suzuki India (down 1.58%), Ashok Leyland (down 0.98%), Bajaj Auto (down 0.91%) and Hero MotoCorp (down 0.25%), edged lower. Eicher Motors (up 0.16%), Mahindra & Mahindra (up 0.77%) and Escorts (up 0.97%), edged higher.
Capital goods shares were mixed. Bharat Electronics (up 11.64%), ABB India (up 2.58%), Punj Lloyd (up 2.46%), Thermax (up 2.42%), BEML (up 2.4%), Jindal Saw (up 1.07%), Lakshmi Machine Works (up 0.82%), Bharat Heavy Electricals (up 0.77%), AIA Engineering (up 0.56%) and Reliance Defence and Engineering (up 0.41%), edged higher. Havells India (down 0.38%), SKF India (down 0.56%), GE T&D India (down 0.73%), Siemens (down 1.3%), GE Power India (down 1.93%), Suzlon Energy (down 1.94%), Crompton Greaves (down 2.93%) and Praj Industries (down 4%), edged lower.
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Engineering and construction major Larsen & Toubro (L&T) was down 0.22% to Rs 1,316.
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.
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