The domestic markets are trading mildly in the red this afternoon, amid bouts of choppiness, on the back of weak global cues and profit-booking at higher levels post the gains witnessed in the past two sessions. At 12:40 pm, the BSE Sensex was trading at 50,145.65, lower by 48.93 points and the Nifty was at 15,090.90, down 12.90 points. The broader markets are however outperforming their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining around half a per cent each.
Asian stocks dipped and cryptocurrencies extended losses on Wednesday as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent though Hong Kong and South Korea are closed for holiday.
Wall Street stocks slid late in the session to end lower on Tuesday, unable to sustain gains made after bumper earnings from Walmart and Home Depot. The S&P 500 lost 0.85 per cent, with telecom shares leading the decline, while the Nasdaq Composite dropped 0.56 per cent.
Meanwhile, oil prices fell for a second day on Wednesday on the potential of Iranian supply returning and as investors sold on speculation that inflation fears might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth
On the stock-specific front, Tata Motors is in focus after its consolidated loss narrowed to Rs 7,605 crore in the fourth quarter ended March 2021 from Rs 9,894.25 crore in the corresponding quarter last year. Tata Motors was the top loser among NSE stocks, shaving off nearly 5 per cent. ONGC, M&M and ITC were the other significant losers on the NSE.
On the other hand, UPL, Powergrid and Grasim have gained around 1-3 per cent each on the BSE.