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Markets trade lower tracking weak global cues

Sectorally, Nifty Media was the top underperformer down 1.2%, while Nifty Pharma was the top gainer, up 0.44%.
Indian benchmark indices made a flat opening on the bourses on Wednesday amid weak global cues and ahead of a slew of earnings due later in the day.

Asian markets fell after British lawmakers rejected the government’s schedule to fast-track legislation for a Brexit deal despite voting for the bill.

In early trade, the Sensex was down 41 points at 38,922, and the Nifty was down 16 points at 11,572. (9.24AM)

Sectorally, Nifty Media was the top underperformer down 1.64%, while Nifty Pharma was the top gainer, up 0.44%.

All sectors were trading in the red except Nifty FMCG, IT, Pharma and PSU Bank.

HCL Tech, Bajaj Finserv, and Axis Bank were among the top gainers on the Nifty pack, while Infosys, Tata Motors, and Adani Ports were the top losers.

Shares of Infosys extended losses after losing sharply in Tuesday's trade amid a whistleblower complaint against unethical practices by certain senior management members of the firm.

Broader markets also traded lower in the morning session today.

L&T, Bajaj Auto, Hero MotoCorp, HDFC Life, Biocon,  Hexaware, JSW Steel, HCL Technologies, KPIT Technologies, and NIIT Technologies are expected to report their September quarter earnings later today, apart from several other companies.

The Indian rupee opened 7 paise lower at 71/$ on Wednesday vs. Tuesday's close of 70.93/$. GoI 10-year benchmark bond yield opened at 6.53% vs. the previous close of 6.54%.
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