Indian benchmark indices managed to cut some initial losses by midday, but they still traded lower as the Nifty remained below 16,250. The Sensex fell 191 points at 54,363.
More than 150 stocks, including Bharti Airtel, HCL Technologies and Infosys, hit their respective 52-week highs on the Bombay Stock Exchange (BSE) in intraday trading on Wednesday.
The BSE metal index also rose more than two percent, while the oil and gas index traded with nominal gains. The other sector indices suffered losses as real estate, consumer discretionary and healthcare stocks fell.
Analysts noted that the Indian benchmark continues to trade within a narrow range, general sentiment is positive as the government has indicated that the impact of the second wave of the Coronavirus pandemic has not had much impact on businesses.
Today is also the last day to subscribe for the IPOs of CarTrade Tech and Nuvoco Vistas Corporation, while the first offers from Chemplast Sanmar and Aptus Value Housing Finance India have entered the second day of their sale.