Indian Markets Edge Lower; Rupee Down Against Dollar

Indian stock markets were trading slightly lower on Wednesday. The S&P BSE Sensex dropped 5.5 points, or 0.02 percent at 25955.28. The 30-share index touched a high of 26,130.49 in morning trade. The Nifty50 fell 0.08 percent to 7995.95, after touching a high of 8,055.20 in morning trade.

The Indian rupee declined around 20 paise versus the U.S. dollar on Wednesday.

Direxion Daily India Bull 2X Shares INDL rose 2.53 percent to close at $42.12 on Tuesday, while PowerShares India Portfolio (ETF) PIN gained 0.86 percent to close at $18.80.

US stock markets closed higher overnight, with the Dow Jones Industrial Average gaining 0.35 percent, the S&P500 index rising 0.22 per cent, and the Nasdaq Composite climbing 0.33 percent.

US WTI crude futures on the NYMEX dropped 0.35 percent to trade at $47.86 per barrel.

Top market movers among the BSE index are as follows

• Mystic Electronics Ltd. rose about 880 percent to 136.81 INR.
• TVS Electronics Ltd. rose 20 percent to 108.80 INR.
• Restile Ceramics Ltd. shares gained around 16 percent to 5.25 INR.
• TPL Plastech Ltd. shares surged 13 percent to 406.95 INR.

• Sabrimala Leasing and Holdings Ltd. shares dropped around 20 percent to 14.85 INR.
• Bhilwara Technical Textiles Ltd. fell around 14 percent to 7.20 INR.
• Navigant Corporate Advisors Ltd. slipped 12 percent to 4.93 INR.
• Raunaq EPC International Ltd. shares declined 11 percent to 112.50 INR.