Globally, foreign institutional investors (FIIs) have been selling. Indian markets were down earlier on account of basket-selling, said Vinay Khattar, head (research), Edelweiss. FIIs have sold $291.43 million worth of equities in 2014.
Experts speculate Indian markets to keep correcting and recovering. Investors remain bullish in medium-to long-term. India markets are likely to see regular correction and recovery, said Nirmal Jain, chairman, IIFL.
Among the BSE Sensex stocks, Bharat Heavy Electricals Ltd (BHEL) (-2.49%) was the biggest loser. The power equipment maker on Wednesday reported 41% y-o-y decline in its net profit to Rs 695 crore. ICICI Bank (-1.34%), Axis Bank (-1.22%) and Gail (-1.18%) were among other losers. Among sectoral indices, BSE Realty (-1.58%), BSE Capital Goods (-0.98%) and BSE Bankex (-0.55%) were the major losers.
Meanwhile, most Asian indices were trading in the green. Hang Seng (0.72%), Kospi (0.88%) and Jakarta Composite (0.58%) were the major gainers. Meanwhile, Nikkei (-0.18%) was marginally in the red.