Weak global cues, concerns over India-China tensions, and an unwelcome news on the Covid front dragged the Indian equity markets over half a per cent lower on Wednesday.

The S&P BSE Sensex slid 250 points to 38,100 levels and the Nifty50 index gave up the 11,250-mark. ONGC and Tata Steel (both down 3 per cent) were the top Sensex laggards. On the other hand, Reliance Industries rose 1 per cent after announcing that Silver Lake would invest Rs 7,500 crore in Reliance Retail.

Meanwhile, AstraZeneca Pharma tumbled 13 per cent after the company "voluntarily paused" a randomized clinical trial of its coronavirus vaccine in what it called a routine action after a volunteer developed an unexplained illness.
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IRCTC shares also slid 4 per cent in early deals after the company said the government plans to sell about 15-20 per cent stake via offer for sale (OFS) and would like to complete the transaction in minimum number of tranches.

The trend among the Nifty sectoral indices was dominantly negative, led by Nifty Bank index, down 2 per cent.
Results today

A total of 45 companies, including Indiabulls Ventures, and Eveready Industries are scheduled to announce their June quarter earnings today.