New Delhi: The stock market opened in the red on Wednesday with the Sensex falling over 200 points and the Nifty coming below 10,500 level.
At 9.34 am, the BSE Sensex was down 223.71 points or 0.65% to 34,122.68. On the other hand the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 10,488.95 points after closing at 10,554.30 points.
The Nifty was trading at 10,481.00 points in the morning.
The rupee meanwhile weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market.
The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.
Asian shares extended losses on Wednesday and bonds were sold off as weak factory data from China revived worries about global economic growth amid fears of faster rate rises in the United States.
MSCI`s broadest index of Asia-Pacific shares outside Japan slipped 0.7 percent, on track for a second straight day of losses.
Japan`s Nikkei stumbled 0.4 percent on a slightly firmer yen, while S&P futures slipped 0.3 percent.
China`s blue-chip CSI300 skidded 0.8 percent while Shanghai`s SSE Composite and Hong Kong`s Hang Seng index each declined more than 1 percent.
With Agency Inputs