The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,770 level, a discount of nearly 25 points from the Nifty futures’ previous close.

Indian benchmark indices opened lower on Wednesday, following the trend set by other Asian markets, as positive U.S. economic data raised expectations of fewer rate cuts from the Federal Reserve. The BSE Sensex was down by 150 points,

Selling pressure returned to the Indian stock markets on Wednesday, with both indices declining soon after opening with marginal gains. The Nifty 50 index opened at 23,746.65 points with a gain of 38.

Sensex and Nifty 50 fell over a percent each amid heavy selling across the board. Broader markets also reeled under selling pressure as the Nifty Midcap 100 and the Nifty Smallcap 100 indices declined over 27% each.

BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex was up over 100 points, Nifty50 was above 24,000.

The Sensex closed 109 points, or 0.14 per cent, down at 78,139.01, while the Nifty 50 settled at 23,644.80, down 0.10 per cent on December 31.