India's benchmark stock indices extended losses through midday on Wednesday, dragged down by PSU banks and I.T. stocks.
Shares in Asia slipped on renewed concerns about the health of the banking sector and ahead of a Federal Reserve decision Wednesday, where policymakers are expected to add to their rate-hike cycle.
MSCI Inc.'s Asia Pacific Index headed for its first loss in five days, with benchmark indexes in Hong Kong, South Korea, and Australia all declining. Energy and banking shares were among the biggest losers. Markets are shut in Japan and mainland China for holidays, and there's no trading of cash Treasuries in Asia. The dollar weakened.
U.S. futures ticked marginally higher during Asian trade, and Euro Stoxx 50 futures gained.
At 1:24 p.m., the S&P BSE Sensex declined 188 points, or 0.31%, to 61,166.93. while the NSE Nifty 50 eased 59 points, or 0.32%, at 18,089.05.
Coal India Ltd., ITC Ltd., Hindustan Unilever Ltd., FSN E-Commerce Ventures Ltd., and Maruti Suzuki India Ltd. were among the top gainers on the Nifty 50.
Larsen & Toubro Ltd., Adani Enterprises Ltd., IndusInd Bank Ltd., Tata Consultancy Services Ltd., and Axis Bank Ltd. weighed on the index.
The broader market indices opened higher and outperformed their larger peers, with the S&P BSE MidCap gaining 0.39% and the S&P BSE SmallCap rising 0.35% by midday trade.
Twelve out of the 20 sectors compiled by BSE declined, and eight sectors advanced in trade.
The market breadth was skewed in favour of the buyers. About 1,840 stocks rose, 1,576 declined, and 144 remained unchanged on the BSE.
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