The Sensex and the Nifty were trading lower again despite the carnage witnessed on Tuesday with the only recovery being led by stocks from the FMCG space including the likes of Hindustan Unilever and ITC. The Sensex was down 104 points, while the Nifty drifted 24 points in trade.
Metal stocks saw some recovery led by Sesa Sterlite and Jindal Steel which saw large scale selling pressure on Tuesday.
Stocks that gained ground in trade and helped support the market was Infosys, which was up one per cent. The company is slated to declare its results on Friday. Other stocks that were trading higher was TCS which had fallen sharply on Tuesday.
ICICI Bank on the other hand continued to witness selling pressure. Aurobindo Pharma was up after the company received USFDA approval for Valsartan tablets.
Meanwhile, the rupee opened the day stronger against the US dollar. The rupee was trading at 63.51 against its previous closing of 63.56. Global markets were quiet which is one reason why the rupee also opened with marginal gains.
Most of the Asian markets made a stellar recovery and were trading higher led by the Japanese Nikkei and the Shanghai Composite.