Mumbai: Equity indices edged lower on Wednesday afternoon amid weak market sentiment as investors worried over the impact of a surcharge on foreign portfolio investors.
There were also renewed concerns over trade tension between the United States and India as US President Donald Trump said New Delhi’s high tariffs on certain American products were not acceptable.
At 1 pm, the BSE S&P Sensex was down 228 points at 38,503 while the Nifty 50 shed 73 points to level at 11,483.
At the National Stock Exchange, all sectoral indices were in the negative zone. The nifty metal was down 1.6 percent, PSU bank by 1.5 percent and auto by 1.4 percent.
Among stocks, InterGlobe Aviation (IndiGo) crashed nearly 11.6 percent to Rs 1,383.95 per share after co-founder Rakesh Gangwal sent a letter to the Securities and Exchange Board of India (SEBI) seeking intervention in several corporate governance violations.
Tata Motors was down 3.8 percent, Tata Steel and JSW Steel by 3.5 percent each, Larsen & Toubro by 2.7 percent and Indian Oil Corporation by 2.1 percent.
Those which showed some gains were Coal India, Yes Bank, Wipro and Kotak Bank.