At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 254.6 points or 0.35% to 73,253.68. The Nifty 50 index lost 69.15 points or 0.31% to 22,233.35.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index added 0.14% and the S&P BSE Small-Cap index rose 0.08%.

The market breadth was positive. On the BSE, 1,657 shares rose and 1,116 shares fell. A total of 107 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,668.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,304.50 crore in the Indian equity market on 7 May 2024, provisional data showed.

Stocks in Spotlight:

Dr Reddy's Laboratories slipped 3.51%. The company’s consolidated net profit jumped 36.42% to Rs 1,309.80 crore in Q4 FY24 as against Rs 960.10 crore recorded in Q4 FY23. Sales rose 12.49% to Rs 7,083.00 crore in the quarter ended March 2024 as against Rs 6296.80 crore during the previous quarter ended March 2023.

Patel Engineering (PEL) added 1.10% after the company said that along with its joint venture (JV) has been declared as lowest bidder from office of the executive engineer, government of Maharashtra for the irrigation project worth Rs 342.76 crore.

Mahindra and Mahindra shed 0.89% The National Company Law Tribunal (NCLT) approved the merger of Mahindra Heavy Engines, Mahindra Two Wheelers, and Trringo.com with Mahindra and Mahindra.

Numbers to Track:

The yield on India's 10-year benchmark federal rose rose 0.10% to 7.136 as compared with previous close 7.129.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4975, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.06% to Rs 71,191.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 105.54.

The United States 10-year bond yield added 0.34% to 4.474.

In the commodities market, Brent crude for July 2024 settlement fell 29 cents or 0.35% to $ 82.87 a barrel.

Global Markets:

Asian stocks declined on Wednesday following a sluggish US session overnight. Investors are looking for signs of strong corporate earnings before pushing this month's rally further. Optimism over eventual interest rate cuts was dampened by Fed officials signaling steady rates in the near-term.