The Indian market mirrored Asian peers to trade lower Wednesday with all major sectors posting losses, as appetite for risky assets soured over fears about a global economic slowdown.
The Nifty was down 0.66% at 17,086.45 in early hours with only 3 stocks from the index trading in the green, while the S&P BSE Sensex fell 0.57% to 57,037.54.
Both the indices rose more than 1% each in the previous session.
Conglomerate Reliance Industries scaled a record high amid a weak market after signing a formal shareholder agreement for a deal it had announced with TA'ZIZ for Ruwais Chemicals Project last year.
The roller coaster ride in markets is set to continue in the near-term, V.K. Vijayakumar, chief investment strategist at Geojit Financial Services said in a note.
The MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1% to its lowest level since March 15.
Nifty's small-cap index fell 1.3% and the mid-cap index slipped 1%. Nifty's volatility index (India VIX), an indicator of the degree of volatility traders expect over the next 30 days, has risen 6.6%.
Hindustan Unilever was down 1.1% ahead of quarterly results.
Bajaj Finance fell more than 5% to a five-week low despite posting its highest-ever quarterly net profit. in Q4.
Mahindra Logistics jumped 10% following quarterly results, while CARE Ratings tumbled 11% after saying its CEO had resigned.
Global stocks were hurt by news of Russia cutting gas supplies to Eastern Europe, prospects of aggressive US interest rate hikes, worries over sky-high inflation and stringent COVID-19-related curbs in China.