Benchmark indices opened the day lower in trade, even as most markets, including the Asian markets were trading in the red. A rise in cases of coronavirus, left investors worried with the possibility of a few quarters of weak corporate results.
The Sensex was trading with losses of 291 points, with the index at 27,974 points. The Nifty dropped 84 points in trade at 8,166 points.
Among the losers in trade were IndusInd Bank, Kotak Mahindra Bank, Tata Motors, HDFC and BPCL. Among the Nifty stocks that gained ground were Cipla, Power Grid, ONGC, PowerGrid, HUL and GAIL.
Shares in ONGC rallied on the back of a strong jump in crude prices. Shares in Aurobindo Pharma dropped 10 per cent and was locked at the lower end of the circuit filter.
Meanwhile, the Indian rupee opened weak at 75.95 compared to Tuesday's close of 75.54 against the U.S. Dollar. It then went past the 76 per dollar mark and was last quoting at 76.06.