The key equity indices dropped in early trade. Negative global cues dented the sentiment. The Nifty traded a tad above the 15,700 level. All the sectoral indices on the NSE were trading in the red.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 503.2 points or 0.95% to 52,674.25. The Nifty 50 index declined 138.95 points or 0.88% to 15,711.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.99% while the S&P BSE Small-Cap index lost 0.59%.

The market breadth was weak. On the BSE, 801 shares rose and 1,557 shares fell. A total of 111 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,244.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,205.63 crore in the Indian equity market on 28 June, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.86%. The digital arm of Reliance Industries, Reliance Jio Infocomm, announced that Mukesh Ambani has resigned as director of Reliance Jio effective from 27 June, as per reports. Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June. Reliance Jio said the company's board approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.

State Bank of India (SBI) declined 0.92%. SBI has entered into an agreement in relation to an investment in the equity shares of Perfios Account Aggregation Services Private Limited. Perfios carries on the activities of an "Account Aggregator".

Route Mobile slumped 4.80%. The company said its board has approved the proposal of buyback of equity shares of the company for an aggregate amount not exceeding Rs 120 crore at a price not exceeding Rs 1700 per share.

Global Markets:

Asian stocks declined across the board on Wednesday after Wall Street's negative performance on Tuesday.

Meanwhile, China cut the quarantine period for international travelers on Tuesday, in a step away from its strict Covid controls that have been in place for more than two years. People arriving from overseas will now need to quarantine for seven days upon arrival and three days at home, compared to up to 21 days in a centralized facility previously.

Retail sales in Japan rose 3.6% in May compared to a year ago, a third consecutive month of growth, government data showed. South Korea's consumer sentiment index fell, standing at 96.4 for June 2022, down 6.2 points from May's print, according to Bank of Korea's survey.

US stocks fell sharply on Tuesday after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.

US Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn, as per reports.

On the macro front, the consumer confidence index fell to a reading of 98.7, down from 103.2 in May, according to The Conference Board. The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.