Benchmark indices began the day on a lower note, with the Sensex falling nearly 100 points in the first minutes of trade before cutting those losses, while the Nifty was down by almost quarter of a percent.
At 09:17 hrs IST, the Sensex was down 91.65 points at 33136.34, while the Nifty fell 23.00 points or 0.22% at 10217.20. The market breadth was narrow as 409 shares advanced against a decline of 305 shares, while 43 shares were unchanged.
Dr Reddy’s Labs continued its uptrend from Tuesday, along with Bharti Airtel, which gained 1 percent. Both were top gainers on Sensex and Nifty, while ITC, SBI, Power Grid and Vedanta were the top losers.
Midcaps were trading weak, but fell lesser as compared to benchmarks, while Nifty PSU Bank index was down around half a percent.
The Indian rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.53 per dollar versus 64.40 Tuesday.
Pramit Brahmbhatt of Veracity said, "Strength in crude prices and stronger dollar ahead of Fed policy outcome will put pressure on rupee. Trading range would be 64.20-64.80."
The dollar index rose to its highest level in a month and treasuries lost ground ahead of interest rate decision from the Federal Reserve due later today.
Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was a few ticks higher in early trade.
Japan's Nikkei stock index edged down slightly, shrugging off data that showed Japanese core machinery orders rose a more-than-expected 5 percent in October in a sign of resilient capital spending.
U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The Dow Jones industrial average jumped 118.77 points to 24,504.80, boosted by gains in Boeing and Verizon. The index also posted intraday and closing record highs.
The S&P 500 gained 0.1 percent to close at 2,664.11, notching intraday and closing all-time highs, with telecommunications and financials outperforming.
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