Indian shares opened lower on Wednesday, with the verdict of Karnataka Assembly elections, worrisome trade balance data for April, surging oil prices and a weakening rupee on the back of FII outflows weighing on .

Weak global cues also weighed on sentiment after North Korea cancelled high-level talks with Seoul and threatened to scrap a historic summit next month between U.S. President Donald Trump and North Korean leader Kim Jong Un, saying the joint Air Force drills taking place in South Korea are ruining the diplomatic mood.

The benchmark BSE Sensex was down 213 points or 0.60 percent at 35,331 in early trade after giving up initial gains to end marginally lower on Tuesday. The broader Nifty index was down 79 points or 0.73 percent at 10,723.

Tata Steel rose half a percent after NCLT approved its bid for Bhushan Steel.

Punjab National Bank slumped 9.4 percent after reporting record quarterly loss of Rs 13,417 crore in the March quarter.

NTPC slid half a percent as it inked a pact to acquire three power projects in Bihar.

Reliance Communications lost 7.3 percent after NCLT allowed Ericsson's insolvency plea against the company.

Hindalco rose about 1 percent while ITC fell slightly ahead of their quarterly results due today.

Monsanto India rose over 1 percent on reporting a 66 percent jump in Q4 standalone net profit.

Britannia Industries dropped 2 percent despite reporting a 25 percent increase in its fourth-quarter profit.

by P2PNews Staff Writer

editorial@p2pnews.com

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