On Wednesday, the Indian benchmark indices opened in red but started to gain momentum before retreating to negative territory, as both indices witnessed volatile trade in the early trading session.

The BSE Sensex was trading at 84,855.32, down by 68.47 points or 0.8%, while the NSE Nifty stood at 25,909.33, declining 31.10 points or 0.12%.

At the opening bell, Sensex was down by 23.60 points, starting the day at 84,890.44. Meanwhile, the Nifty fell 14.60 points, opening at 25,925.80.

All broad market indices on NIFTY faced selling pressure, with mid-cap shares bearing the brunt of the decline.

On the sectoral front, Nifty Metal jumped by over 0.50% spurred by China's recent announcement of measures aimed at stimulating its slowing economy. All other segments were trading either muted or in red, indicating the volatility.

The market breadth was negative, with 1,015 stocks advancing, 1,450 stocks declining, and 76 stocks remaining unchanged, out of a total of 2,541 stocks traded.

The top gainers in the market saw significant momentum, with POWERGRID leading the pack, trading at ₹362.9 with a gain of 3.67% and the highest volume of 1,92,69,983 shares.

Top Gainers

Following POWERGRID, M&M was up by 1.83% at ₹3,130.65, while HINDALCO and HDFCBANK also posted gains of 1.25% and 0.78%, respectively. DIVISLAB recorded a modest increase of 0.60%, though with relatively lower volumes compared to the other top performers.

Among the top losers in the market, TATACONSUM was trading at ₹1,196.7, down by 1.23%, with a volume of 4,04,017 shares. LTIM followed, falling 0.95% to trade at ₹6,284, while BRITANNIA and ASIANPAINT both fell by 0.90%, trading at ₹6,147.1 and ₹3,219.25, respectively.

TECHM also witnessed a decline of 0.89%, closing at ₹1,622.5, with a significant volume of 2,32,601 shares.

Most Asian markets were trading high on Wednesday. The rally in broader Asian markets was triggered by a slew of measures taken by the Chinese government to revive its economy. Chinese shares surged, with the Shanghai Composite climbing 1.73% or 49.52 points, while the Hang Seng in Hong Kong surged about 382 points or 2%, trading at 19,382.54.

Japan's Nikkei was trading marginally up at 37,973 after paring some of the gains in the morning trade. South Korea's KOSPI Composite was trading muted at IST 10 am.