Indian benchmark indices opened lower on Wednesday, following the trend set by other Asian markets, as positive U.S. economic data raised expectations of fewer rate cuts from the Federal Reserve. The BSE Sensex was down by 150 points,

Highlights: Among the broader markets, small-cap shares outperformed others, with the Nifty Smallcap100 ending up 1.35 per cent

Equity benchmarks recovered from Monday’s sharp decline, with oil and gas stocks leading the gains after CLSA upgraded ONGC to “high conviction outperform.” The 30-share BSE Sensex rose 234.12 points or 0.30 per cent to close at 78,199.11, while the broader NSE Nifty 50 advanced 91.85 points or 0.39 per cent to end at 23,707.90.

Sensex and Nifty 50 fell over a percent each amid heavy selling across the board. Broader markets also reeled under selling pressure as the Nifty Midcap 100 and the Nifty Smallcap 100 indices declined over 2% each.