The Indian stock market is quite subdued Wednesday morning, with investors treading cautiously, despite fairly positive global cues.
Data released by the government that showed India's wholesale inflation to have risen at a faster-than-expected pace in January - it rose an annual 5.25% in the month, after rising 3.39% a month earlier - is weighing on sentiment. Weak results from Tata Motors and Sun Pharmaceutical Industries are also contributing to the weakness.
The BSE benchmark Sensex is down 19.80 points or 0.07% at 28,319.51. Earlier, after advancing to 28,382.32 at the start, the index declined to 28,269.92. The Nifty50 of the National Stock Exchange, which declined to 8775.20 from an early high of 8807.90, is now down 1.60 points or 0.02% at 8790.60.
In the forex market, the rupee opened at 66.92 against the U.S. dollar, slightly up from its previous close of 66.93 a dollar.
Among the stocks in the Sensex, Tata Motors is down nearly 8%. Tata Motors DVR, a Nifty50 stock, is down more than 6%. The automobile major reported a 96.2% plunge in consolidated profit at Rs 112 crore for the December quarter. The company had reported a consolidated profit of Rs 2953 crore in the corresponding quarter of last year.
Sun Pharmaceutical Industries is down by about 3% after the company reported a 5% decline in net profit in the December 2016 quarter amid lackluster sales in the U.S. and India.
Hero Motocorp, Dr Reddy's Laboratories, Bharti Airtel, NTPC, Tata Steel and Bajaj Auto are down 0.3% - 1%.
Adani Ports and Special Economic Zone is gaining nearly 2%. ONGC, Axis Bank, HDFC Bank, Power Grid Corporation, Infosys, Mahindra & Mahindra, Coal India, GAIL India, Tata Consultancy Services, ITC and State Bank of India are up 0.5% - 1%.
Nifty stocks UltraTech Cement, Zee Entertainment Enterprises, Bosch, Hindalco, Grasim Industries, ACC, BPCL and Bharti Infratel are gaining 0.5% - 1.2%.
Idea Cellular is down 1.6% and BHEL is declining by about 1.1%. Aurobindo Pharma, Yes Bank and IndusInd Bank are modestly lower.