Domestic stock markets started Wednesday's session on a lacklustre note tracking weakness in Asian peers.
The SP BSE Sensex lost as much as 87.45 points, or 0.22 per cent, to 38,851.77, while the NSE Nifty moved to 11,638.65, down 33.3 points from the previous close.
Selling in financial services and auto stocks dragged the markets lower.
Caution prevailed ahead of the release of key macroeconomic data and corporate earnings due later in the week, according to analysts.At 9:45 am, the Sensex traded 11.20 points lower at 38,928.02 while the Nifty was at 11,669.00, down 2.95 points from the previous close.Top laggards on the 50-scrip index at the time were Hindalco, TCS, Hero MotoCorp, HCL Tech, HDFC and HDFC Bank, trading between 0.62 per cent and 1.50 per cent lower.HDFC, HDFC Bank and TCS were the top contributors to the fall in the Sensex.The government is due to release macroeconomic data such as consumer and inflation on Friday.
On the same day, information technology majors Tata Consultancy Services and Infosys will kick off the corporate earnings season by reporting their financial results for the March quarter.Equities in other Asian markets slipped from eight-month highs, after the International Monetary Fund lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated.MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent, a day after it hit its highest since August 1.MSCI's broadest gauge of the world's stock markets was down slightly from Tuesday's six-month peak but it was still up roughly 19 per cent from a near two-year trough marked in December.(With inputs from Reuters)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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