The benchmark indices continued to trade with steep losses in the mid-morning trade. Negative Asian stocks impacted the sentiment. The Nifty traded below the 15,500 level. PSU banks bucked the broader selloff.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 461.08 points or 0.88% to 52,070.99. The Nifty 50 index declined 152.40 points or 0.97% to 15,486.40.
In the broader market, the S&P BSE Mid-Cap index lost 1.18% while the S&P BSE Small-Cap index declined 0.45%.
The market breadth was negative. On the BSE, 1,338 shares rose and 1,711 shares fell. A total of 123 shares were unchanged.
Buzzing Index:
The Nifty Oil & Gas index shed 1.55% to 7,322.90. The index added 4.83% in the past trading session.
GAIL (India) (down 2.49%), Oil & Natural Gas Corpn (down 2.16%), Adani Total Gas (down 2.01%), Reliance Industries (down 1.76%), Gujarat Gas (down 1.2%), Gujarat State Petronet (down 0.05%), Indraprastha Gas (down 0.04%) were the top losers.
On the other hand, Hindustan Petroleum Corporation (up 2.84%), Oil India (up 2.56%) and Aegis Logistics (up 2.21%) advanced.
Global Markets:
Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street's rally on persistent worries about interest rates and inflation.
The Bank of Japan, after maintaining its ultra-low interest rates last week, released the minutes from its April monetary policy meeting on Wednesday. Many members expressed the view that underlying inflation, measured by the CPI excluding such factors as energy, remained relatively low, the minutes said. Most members of BOJ policy board expect short-term and long-term interest rates to remain at their present levels or lower, the minutes added.
Wall Street's major indices jumped over 2% on Tuesday as investors scooped up shares of mega-cap growth and energy companies. U.S. stock markets were closed Monday for Juneteenth.
Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.
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