HDFC, TCS, HDFC Bank and Infosys weighed the most on Sensex

Domestic stock markets started Wednesday's session on a lower note, ahead of the release of macroeconomic data. The S&P BSE Sensex index fell as much as 176.13 points to 39,774.33 in early trade, and the NSE Nifty index moved to 11,916.75, down 48.85 points from the previous close. Selling across sectors except metal and energy pulled the markets lower. At 9:41 am, the Sensex traded 172.46 points - or 0.43 per cent - lower at 39,778.00 while the Nifty was down 45.85 points - or 0.38 per cent - at 11,919.75.

Top percentage losers on the 50-scrip benchmark index at the time were Indiabulls Housing Finance, Yes Bank, Bharti Infratel, Kotak Bank, Bajaj Auto, HCL Tech and Tata Consultancy Services (TCS), trading between 1.10 per cent and 5.27 per cent lower.

HDFC, TCS, HDFC Bank and Infosys weighed the most on Sensex.

The government is due to release data on consumer inflation and industrial production later in the day.

Equities in other Asian markets were in a wary mood on Wednesday as the White House took a tough line on trade talks with China, while a looming reading on US inflation could shuffle the odds for an early cut in interest rates there.

Data on Chinese inflation showed the annual pace picked up to a 15-month high of 2.7 per cent, but only because surging pork prices pushed up the cost of food. Excluding food, inflation rose only 1.6 per cent and suggested there was plenty of scope for more stimulus.

Market moves were modest, with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.38 per cent after two days of gains.

Japan's Nikkei dithered either side of flat, while Shanghai blue chips eased 0.5 per cent following a 3 per cent jump the day before. E-Mini futures for the S&P 500 hardly budged.

The Sensex and Nifty had ended 0.42 per cent and 0.36 per cent higher on Tuesday, extending the gains to a third session in a row.

(With inputs from Reuters)