Indian shares were volatile on Wednesday, as gains in metal shares were tempered by contiuned weakness in state-owned lenders. The broader NSE Nifty was down 0.01 percent at 9,510 at 07:15 GMT, while the benchmark S&P BSE Sensex declined 0.08 percent at 30,932.
Trading was also volatile ahead of the expiry of June derivatives contract expiry on Thursday. Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.
The Nifty PSU Bank index dropped 1 percent, extending its drop for another session. Shares of state-owned lender SBI dropped 1.6 percent while Central Bank shed 1.5 percent. Jewellery stocks also fell. PC Jeweller shares down 2 percent, Titan Co lost 1.5 percent while Rajesh Exports was down 0.8 percent. Heavyweight Reliance Industries fell 1.8 percent.
Among the gainers, S&P BSE Metal index rose 1.3 percent, led by NMDC, Tata Steel and National Aluminium Corp.
Investors are cautious ahead of the rollout of the goods and services tax on July 1, with its complex structure and myriad exceptions adding to confusion for businesses. Weak trading on other Asian bourses following overnight losses in the U.S. markets also dampened sentiment.
