Markets erase early morning gains

Indian Equity markets are trading marginally lower by the afternoon session on Wednesday, erasing a 400-point early morning rebound.

On Tuesday, the trading sessions in the US and European markets concluded with positive results due to recent US inflation data suggesting that there could be a reduction in price pressure.

On the sectoral front, Nifty Metal rallied 2%. Nifty Auto and Pharma stocks are trading with marginal gains. All other major indices are in mixed cues.

At around 2.00 PM, BSE Sensex is trading 116 points lower at 57,783. NSE Nifty is trading at 17,035, down by 8 points.

Following a 3-day downfall, Adani Enterprises (+5.71%) is trading about 6% higher. Followed by nearly a 4% upside in Adani Ports (+3.59%). Asian Paints are trading with a 3% uptick in its shares on Wednesday, owing to a significant drop in crude oil prices on Tuesday. 

Tata Steel (+2.07%) and Titan joined the rally (+1.59%).

IndusInd Bank (-1.74%) is trading with a 2% downside on the NSE index so far. Nestle India (-1.68%), Hindustan Unilever (-1.59%), Axis Bank (-1.36%), and Bharti Airtel (1.35%) are dragging down the chart.

Total of 33 stocks advanced while 17 declined on the Nifty index today.

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