At 9.41 am on Wednesday morning, Sensex was down over 300 points or 0.78 percent at 38,790 from the previous close of 39,097.14. The Nifty50 on the National Stock Exchange slipped 92 points or 0.80 percent to breach the 11,500-mark.
The key Indian equity indices opened on a negative note as the domestic markets declined in tandem with the Asian indices, which fell after US lawmakers called for an impeachment inquiry of President Donald Trump, raising concerns of political uncertainty in the US.
Among the Sensex stocks, SBI, Tata Motors and HDFC were down between 2 per cent and 3 per cent.
The biggest Nifty gainers were Powergrid, Zee Entertainment, HCL Tech, TCS and Reliance Industries. Zee entertainment was up 4 per cent in the early trade after reports of HDFC AMC, Franklin Templeton and Birla Sun Life Mutual Fund giving more time to the promoters of Essel Group to repay outstanding loans.
Yes Bank was also trading higher after the Rana Kapoor-controlled Morgan Credits (MC) said it has paid Rs 792 crore to Reliance Nippon Asset Management (RNAM).
Barring realty and IT, all sectors on NSE were trading in the red. Nifty Auto, Nifty Bank, Nifty Metal and Nifty Financial Services were down about 1 per cent each.
Shares had rallied after Finance Minister Nirmala Sitharaman reduced corporate taxes from 30 percent to 25 percent, leading to many brokerages upgrading their Sensex targets and earnings estimates of India Inc.
