The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,770 level, a discount of nearly 25 points from the Nifty futures’ previous close.

Selling pressure returned to the Indian stock markets on Wednesday, with both indices declining soon after opening with marginal gains. The Nifty 50 index opened at 23,746.65 points with a gain of 38.

Adani Ports, Asian Paints, IndusInd Bank and Reliance Industries gained 1.3-1.6 per cent. Tata Motors Ltd, ICICI Bank Ltd, Power Grid, Tata Steel and UltraTech Cement also gained over 1 per cent each.

The Nifty 50 index would need to breach above the important 200 period MA at 23,900 level and thereafter, to trigger a breakout, says experts.