Equity benchmark indices Sensex and Nifty opened in red on Wednesday amid weak global cues. The 30-share BSE Sensex fell 1,371.23 points to 71,757.54 in early trade. Meanwhile, the Nifty also declined by 395.35 points to 21,636.95. Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. 

Among the Sensex firms, HDFC Bank fell nearly 6 per cent after its December quarter earnings. HDFC Bank on Tuesday reported a 2.65 per cent rise in consolidated net profit of Rs 17,258 crore for the October-December period against Rs 16,811 crore in the preceding September quarter.

Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. Tata Consultancy Services, Reliance Industries, UltraTech Cement, Infosys, HCL Technologies, and Tech Mahindra were among the gainers. In Asian markets, Seoul, Shanghai and Hong Kong were trading lower while Tokyo quoted in the green. The US markets ended in negative territory on Tuesday. 

Meanwhile, the rupee experienced a 3 paise depreciation, reaching 83.15 against the US dollar. This movement was influenced by the strength of the US dollar against major global currencies and significant selling in the domestic equity markets. Despite these factors, the rupee's decline was cushioned to some extent by the influx of foreign funds into the domestic equity markets and the downward trend in international crude oil prices, as reported by forex traders. At the interbank foreign exchange, the domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close.