Sensex declines 70 points, Nifty holds 17,000 in early trade

New Delhi: Equity benchmark Sensex declined nearly 70 points in opening trade on Wednesday, tracking losses in index majors Maruti, M&M, and Kotak Mahindra Bank amid a positive trend in Asian markets. The 30-share BSE benchmark fell 69.26 points to 58,067.10 in early trade. The broader NSE Nifty slipped 37.45 points to 17,308. Among the Sensex constituents, Kotak Mahindra Bank, Mahindra & Mahindra, Maruti Suzuki, ITC, and Nestle were among the laggards in early deals.

On the other hand, Infosys, HCL Technologies, Tech Mahindra, Hindustan Unilever, Bajaj Finserv, Bharti Airtel, and Axis Bank were the major gainers. In Asia, markets in Seoul, Shanghai, Tokyo, and Hong Kong were trading higher. The US markets had ended lower on Tuesday. (Also Read: 7th Pay Commission: BIG NEWS on DA hike coming today? Cabinet meeting likely, know how much salary will increase)

"Strong Asian market cues are expected to help key benchmarks advance further in early trade Wednesday, despite a fall in the US markets in overnight trades. "Nifty is likely to trade on the front foot amidst renewed optimism in the backdrop of the return of foreign investors in Indian equities, with FIIs buying equities to the tune of Rs 825 crore on Tuesday," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd. (Also Read: GST Update: E-invoice to be mandatory for B2B deals for biz with turnover of Rs 10 crore from October 1)

The BSE benchmark had ended 20.86 points or 0.04 percent higher at 58,136.36 on Tuesday. The Nifty ended at 17,345.45, up 5.40 points or 0.03 percent. Meanwhile, international oil benchmark Brent crude dipped 0.30 percent to USD 100.24 per barrel.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 825.18 crore on Tuesday, as per exchange data.