Market starts on a tepid note amid weak global cues

Mumbai: Equity benchmarks BSE Sensex and NSE Nifty stared on a tepid note on Wednesday amid weak cues from global markets and foreign fund outflow.

The 30-share index was trading flat at 38,963.28 in morning trade, and the broader NSE Nifty slipped 3.40 points, or 0.02 per cent, to 11,584.95.

Other losers in the Sensex pack included Yes Bank, Tata Motors, IndusInd Bank, Kotak Bank, HUL, ONGC, M&M, PowerGrid and L&T, shedding up to 2.50 per cent. Among the gainers were HCL Tech, Bajaj Finance, TCS, TechM, Axis Bank, Sun Pharma and RIL, rising up to 2 per cent.

In the previous session on Tuesday, the 30-share BSE Sensex closed 334.54 points, or 0.85 per cent, lower at 38,963.84. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.

Foreign institutional investors (FIIs) were net sellers in the capital market, offloading Rs 557.50 crore on Tuesday, while domestic institutional investors sold shares worth Rs 985.47 crore, data available with stock exchange showed.

According to traders, domestic investors were cautious tracking global stocks that fell after British Prime Minister Boris Johnson on Tuesday "paused" his Brexit Bill for leaving the European Union (EU) by the October 31 deadline after MPs vote for it 329 to 299, but then voted against a crucial attached motion that would have seen it through by the end of the week.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red. On Wall Street, stock exchanges finished on a negative note on Tuesday.

The rupee, meanwhile, depreciated 4 paise against the US dollar to trade at 70.98 in early session. Brent futures, the global oil benchmark, slipped 0.29 per cent to USD 59.42 per barrel.