The Indian markets started Wednesday's session on a flat note with negative bias amid mixed global cues. Headline indices Nifty50 and the S&P BSE Sensex opened flat at 17,220.10 and 57,892.31 respectively. The indices corrected minutes after the market open as the Nifty slid as the Nifty slid 0.2 and the Sensex declined 0.3% 

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The gainers in otherwise a negative market were IndusInd Bank, ICICI Bank, Dr Reddy's, RIL, Sun Pharma and Cipla, while HDFC Bank, Tata Steel, Hindalco, Kotak Bank Maruti and Shree Cement dragged the indices the most.  

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In the pre-open session, the Sensex traded flat lower by 5 points to 57,892.31 as 15 stocks advanced and 15 declined on the 30-share index.   

Earlier, benchmark Indices are expected to open on a slight negative note as suggested by trends on SGX Nifty, said Mohit Nigam, Head - PMS, Hem Securities. 

"The US markets ended lower yesterday after 4 consecutive green sessions. Asian markets were also weak and trading lower in early Wednesday trade. There was some selling in US tech stocks yesterday and due to which we can witness some profit booking or pressure in IT related stocks today, " said the market expert.  

He said some stock specific actions can be witnessed in Cipla (which is to launch mild to moderate covid-19 after receiving DCGI approval), GR Infraprojects (which emerged as L-1 bidder in financial bid for a tender invited by Noida Metro Rail Corporation) and Vakrangee (tied up with Nayara Energy Ltd). 
 
"On the technical front, immediate support and resistance in Nifty 50 are 17,000 and 17,500 respectively. Bank Nifty immediate support and resistance are 34600 and 35700 respectively," he said.  

Meanwhile, Asian indices traded mixed largely negative, this morning. Nikkei 225 was trading lower by 0.80%, Hang Seng index 0.85 and Shanghai Composite was down 0.40% around 7.30 am on Wednesday. 

On Tuesday, the US market closed mixed on Tuesday as majority of the important indices ended in the red yesterday. Nasdaq Composite closed 0.56% lower, S&P 500 0.10% down, Russell 2000 ended 0.66% negative, while the Dow Jones gained 0.26% on Tuesday's closing.