The Indian stock market opened in the red on Wednesday with the benchmark Sensex falling 350 points in early trade. Broader indices were also trading lower with Nifty slipping below 11,650.
SpiceJet was the top gainer in the Nifty, rising 4%. The airline reported a profit of Rs. 261 crore in the December quarter, compared to a loss of Rs. 463 crore in the same period a year ago.
The Sensex was down 343 points or 0.87% at 39,238 while the Nifty was down 100 points or 0.86% at 11,622.
Among the sectoral indices, the Nifty Auto index was the biggest loser, down 1.5%. All the components of the index were trading in the red.
The Nifty IT index was the biggest gainer, rising 0.5%. Tata Consultancy Services, Infosys, Wipro and HCL Technologies were the top gainers in the index.
In the broader market, the S&P BSE Midcap index was down 0.7% while the S&P BSE Smallcap index was down 0.4%.
Among the gainers, Bharti Airtel was up 2.6%, followed by Asian Paints, Tata Steel and ONGC.
On the other hand, IndusInd Bank, Bajaj Finance, Bajaj Finserv, ICICI Bank and HDFC Bank were the top losers.
Foreign institutional investors (FIIs) sold shares worth Rs. 4,812.79 crore while domestic institutional investors (DIIs) bought shares worth Rs. 4,067.37 crore in the Indian equity market on Tuesday, provisional data showed.