Indian share markets recovered in the final hour of trade and finished flat. At the closing bell, the BSE Sensex stood lower by 33 points, while the NSE Nifty finished down by 5 points.
Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 0.5% and 0.2% respectively. Losses were largely seen in auto stocks, bank stocks and pharma stocks.
Bank stocks were among the biggest losers after Morgan Stanley downgraded a slew of large Indian lenders, citing expectation of weak earnings. Axis Bank share price fell 3.3% and ICICI Bank share price lost 1.1%.
Divi's Laboratories share price fell almost 20% following an import alert issued by the USFDA on products manufactured at its Visakhapatnam unit.
Separately, Dr Reddy's Laboratories share price (down 4.4%) slipped to its 52-week low after it said the US drug regulator issued a Form 483 with 13 observations for the company's formulation manufacturing facility at Duwada, Visakhapatnam.
Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.37% and the Shanghai Composite rose 0.33%. The Nikkei 225 lost 0.34%. European markets are mixed. The CAC 40 is higher by 0.25%, while London's FTSE 100 is off 0.19%. Shares in Germany are unchanged with the DAX at 12,052.70.
The rupee was trading at Rs 65.29 against the US$ in the afternoon session. Oil prices were trading at US$ 48.67 at the time of writing.
Avenue Supermarts share price, the parent of D-Mart, saw a stellar listing on Tuesday as it surged 114% after its initial public offer (IPO) to raise Rs 18.7 billion was subscribed more than 100 times earlier this month.
Avenue Supermarts shares opened 102.14% higher on the BSE at Rs 604.40 a piece, compared to the issue price of Rs 299 per share, which was the upper end of the price band.
In news from oil & gas sector, Oil India has received its board's approval to buyback 5.60% of its paid-up share capital for a consideration of Rs 15.27 billion. The company's board has approved the buy back at Rs 340 a share.
The central government hopes to raise Rs 450 billion from disinvestment of public sector units this fiscal. Till now, it has raised close to Rs 400 billion through measures including buybacks, stake sales as well as exchange traded funds.
Oil India share price finished the day down by 0.7% on the BSE.
Oil & gas stocks languished in red with Chennai Petroleum and Hindustan Oil Exploration leading the losses.
Moving on to news from stocks in telecom sector. Idea share price (down 4.8%) continued to fall for the second straight session after it agreed to merge with Vodafone India to create the country's largest mobile phone operator worth more than US$ 23 billion.
Bharti Infratel share price finished up by 1.4% after Nettle Infra Investments bought about 21.63% stake in co from promoter Bharti Airtel.
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