The benchmark indices have shaved off almost a per cent from the highs of the day due to some profit-booking in the auto and financial stocks in afternoon trading. The BSE Sensex has surrendered around 500 points from the highs of the day and as of 1:15 pm, the BSE benchmark is trading at 52,042.55, down 231.75 points or 0.44 per cent and the NSE Nifty is at 15,667.20, down 71.95 points or 0.48 per cent. The broader markets, including the S&P BSE MidCap and SmallCap indices, were trading lower by 0.2 per cent respectively.
Meanwhile, the rupee slipped below the 73 per dollar mark in intra-day trading on Wednesday tracking the strengthening of the American currency in the overseas market. At the interbank foreign exchange, the rupee opened at 72.90 against the dollar and then slipped 13 paise to 73.02.
On the stock-specific front, financial and auto stocks are witnessing selling pressure. In the financial space, Axis Bank, Bajaj Finance, Axis Bank and IndusInd Bank are trading lower by around a per cent each on the BSE. And in the auto space, Maruti Suzuki and Bajaj Auto have lost around a per cent each.
Vedanta shares firmed up by almost one per cent to Rs 275.10 on the BSE after the Mumbai bench of the National Company Law Tribunal permitted Twin Star Technologies, a part of Anil Agarwal's Vedanta Group, to take over Videocon Industries.
And Max Financial Services edged higher by half a per cent to Rs 1,020.50 on the BSE after the company reported a net profit of Rs 70 crore in the January-March quarter from Rs 6.7 crore in the year-ago period on the back of higher investment income and lower tax expenses.
On the other hand, NTPC, PowerGrid and Asian Paints had gained about a per cent each on the BSE.
The BSE market breadth is positive. Out of 3,254 stocks traded on the BSE, there are 1,613 advancing stocks as against 1,503 declines.