Indian shares opened lower on Wednesday, on mixed cues from U.S. economic data on growth trajectory, oil prices hovering around a three-week high, and reports of a surge in COVID-19 cases in China.
The Nifty 50 index was down 0.22% at 18,093.50, as of 09:19 a.m. IST, and the S&P BSE Sensex fell 0.20% to 60,804.40.
Most of the major sectoral indexes declined, with information technology stocks losing nearly 1%.
Wall Street equities closed lower after data indicated that trade deficit narrowed to $83.35 billion in November from $98.8 billion in October.
The data suggested strength in the economy, adding to concerns that the U.S. Federal Reserve will continue on its rate-hike path.
A separate report that showed a fall in home prices, indicating struggles for the housing market, also weighed on concerns.
U.S. bond yields rose as investors tried to assess the Fed’s rate-hike path following the mixed data and China’s decision to scale back some of its COVID-related restrictions.