Indian equity benchmarks were trading lower in morning trading, following weak global cues. Losses remain capped as traders took some support from the Reserve Bank of India (RBI) Governor Shaktikanta Das’ statement that despite challenges, the Indian banking sector has been resilient and improved in various performance parameters.

Also Read | At e-commerce giant Amazon, ‘some roles may no longer be required’

The BSE Sensex is trading at 61,902.75, down by 77.97 points or 0.13% after trading in a range of 61,768.96 and 62,050.80. The Nifty dipped 36.30 points or 0.20% to 18,373.35.

Major laggards from the Sensex pack were Titan, Tech Mahindra, HCL Technologies, Tata Steel, Kotak Mahindra Bank, Mahindra & Mahindra, and Maruti Suzuki.

Also Read | Tom Brady, Gisele Bundchen, Larry David sued by investors after FTX collapse

Among the gainers were Larsen & Toubro, Axis Bank, ICICI Bank, Power Grid, and Hindustan Unilever.

The rupee depreciated 37 paise to 81.63 against the US dollar, following the strength of the US dollar in the overseas market and a muted trend in domestic equities.

Also Read | BlockFi maps bankruptcy filing, layoffs after FTX crash: Report

Asian markets were trading mostly in red with the Hang Seng decreasing 461.96 points or 2.53% to 17,794.52, Nikkei 225 slipping 105.91 points or 0.38% to 27,922.39, Shanghai Composite declining 31.09 points or 1% to 3,088.89, KOSPI falling 29.40 points or 1.19% to 2,448.05 and Taiwan Weighted dropping 3.76 points or 0.03% to 14,533.59.

Also Read | US imposes $1.4 million penalty on Air India over delay in refunds

US equity markets ended in the negative territory on Wednesday.

“The market is likely to struggle in early trades Thursday, tracking weakness across the Asian indices after the US gauges faltered in overnight trades,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

Also Read | RBI shortlists five banks to work on digital currency pilot project

The Sensex ended 107.73 points or 0.17% higher at 61,980.72, a fresh all-time high on Wednesday. The Nifty had ended marginally higher by 6.25 points or 0.03% to 18,409.65.

Brent crude, the international oil benchmark was trading 1% lower at USD 91.90 per barrel.

Also Read | Warren Buffett’s Berkshire picks $4.1 billion stake in chip giant TSMC

According to stock exchange data, foreign institutional investors (FIIs) sold shares worth Rs 386.06 crore on Wednesday.