The Nifty Media index dropped 2% in early morning deals amid increased selling pressure were witnessed in Zee Entertainment Enterprises, Dish TV, UFO, Zee Media, and PVR.
In the auto space, the index is trading lower at 8,538.30 level. Bharat Forge, Bajaj Auto, Eicher and Motherson Sumi were trading lower by 1% each. However, Exide Ind, Hero MotoCorp, and Amara Raja were trading higher.
Also, shares of oil marketing companies fell in today’s trade, with IOC, BPCL, and HPCL declining over 2% each on rising crude oil prices.
Meanwhile, the Sensex gained 72 points at 38,441 levels. The Nifty also rose 13 points to trade at 11,545 levels.
However, the Nifty IT index rose 1% on weaker rupee led by Wipro, Infosys, Tata Elxsi, Tech Mahindra and NIIT Tech. The Indian rupee which was ruling near 7-month highs in the past six straight trading sessions took a U-turn on Wednesday. The currency depreciated 21 paise to trade at day’s high level of 69.17 against the dollar on Wednesday.
The Nifty Realty index gained 2% after the GST Council in its 34th meeting held on Tuesday granted approval to a transition plan for the implementation of new tax structure for housing units. Shares of Indiabulls Real Estate, Godrej Properties, Brigade Enterprise, DLF, and Prestige Estates Projects were leading the index’s gain.