Benchmark stock market indices BSE Sensex and NSE Nifty50 were trading lower during the afternoon on Wednesday. Tracking global cues, indices extended losses in the first half, dragged by IT and bank stocks. Also, index heavyweights HDFC and HDFC Bank continued to see profit-booking.

At 1 pm, the Sensex was trading at 59,787.25, down 389.25 points or 0.65 per cent. It recorded an intraday high of 59,941.57 and a low of 59,509.84. The Nifty 50 was trading at 17,854.00, down 103.40 points or 0.58 per cent. It recorded an intraday high of 17,901.00 and a low of 17,779.85.

Coal India, NTPC, Tata Steel, Powergrid and UPL were the top gainers in the Nifty50, while HDFC Bank, HDFC, HDFC Life, Tech Mahindra and HCL Tech were the top losers.

Concerns regarding rising inflation and aggressive monetary tightening by US Fed have kept investors on edge apart from uncertainties emanating from the Russia-Ukraine crisis. 

Metals shine

On the sectoral front, a majority of indices were in the red. While IT and financials (barring public sector banks) dragged, metals, and oil and gas stocks gained.

Nifty IT and Nifty Financials were down over 1 per cent each, while Nifty Bank and Nifty Private Bank were down 0.90 per cent each. Meanwhile, Nifty PSU Bank was up 0.45 per cent. 

Nifty Metal was up 0.94 per cent, while Nifty Oil & Gas was up 0.68 per cent.

Broader indices

Broader indices continued to outperform the benchmarks. Nifty Midcap 50 was up 0.59 per cent, while Nifty Smallcap 50 was up 0.35 per cent. The S&P BSE Midcap was up 0.38 per cent, while the S&P BSE Smallcap was up 0.61 per cent.

The volatility index, India VIX, rose 1.83 per cent to 18.83.