Domestic stock markets started Wednesday's session on a choppy note tracking losses across Asian equities. The S&P BSE Sensex index fell 86.89 points - or 0.22 per cent - to 39,487.68 at the weakest level recorded in early deals, shortly after opening 58.62 points higher at 39,633.19. The broader NSE Nifty 50 benchmark slid to as low as 11,639.70, down 22.7 points - or 0.19 per cent - from its previous close. Losses in financial and metal stocks outweighed gains in automobile, consumer goods and pharmaceutical shares. (Track Sensex, Nifty)
At 9:35 am, the Sensex traded 9.58 points - or 0.02 per cent - lower at 39,564.99, while the Nifty was down 2.75 points - or 0.02 per cent - at 11,659.65.
Bajaj Finance, IndusInd Bank, Bajaj Finserv, ICICI Bank and Tata Motors, trading between 1.07 per cent and 3.80 per cent lower, were the worst hit among 27 laggards in the 50-scrip benchmark index.
On the other hand, UPL, Britannia, Reliance Industries and ONGC, trading between 1.08 per cent and 1.57 per cent higher, were the top Nifty gainers.
Bajaj Finance, ICICI Bank and HDFC were the biggest drags on Sensex, whereas Reliance Industries and Hindustan Unilever were the top supports.
Analysts awaited corporate earnings from heavyweights and the outcome of a policy review by the RBI due in the coming days.
The Reserve Bank of India's Monetary Policy Committee will to begin a three-day review later in the day. The central bank is widely expected to hold key interest rates at existing levels in the upcoming policy statement, due on Friday, in a bid to tackle high inflation.
Tata Consultancy Services (TCS) - the country's largest IT company - will kick of the earnings season by reporting its financial results for the July-September period.
Equities in other Asian markets dropped on Wednesday, led by major airlines, after US President Donald Trump said his administration would abandon talks with congressional Democrats over proposals to spend at least $1.6 trillion in additional coronavirus relief funds.
A key component was a new $25-billion bailout for US passenger airlines to keep tens of thousands of workers on the job for another six months. A prior $25-billion airline payroll support program expired on September 30.