Key equity indices reversed early gains and hit fresh intraday low in morning trade. At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 55.95 points or 0.16% at 35,088.54. The Nifty 50 index was down 12.60 points or 0.12% at 10,569.90.

Among secondary barometers, the BSE Mid-Cap index was up 0.40%. The BSE Small-Cap index was flat at 14,912.29.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1034 shares rose and 963 shares fell. A total of 108 shares were unchanged.

Asian Paints (up 3.23%), Hindustan Unilever (up 2.84%), Bharti Airtel (up 1.34%), ONGC (up 1.31%) and IndusInd Bank (up 1.29%), were the major Sensex gainers.

Infosys (down 3.53%), TCS (down 3.06%), Wipro (down 1.61%) and Axis Bank (down 1.33%), were the major Sensex losers.

Tata Steel was up 2.83%. The company's consolidated net profit jumped 206.18% to Rs 3116.20 crore on 34.82% rise in total income to Rs 44175.53 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.

Sun Pharmaceuticals Industries was down 4.81%. The companyreported consolidated net loss of Rs 108.84 crore in Q2 September 2018 as compared to net profit of Rs 1001.79 crore in Q2 September 2017. Total income rose 5.56% to Rs 7288.78 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.

In the global commodities markets, Brent for January 2018 settlement was up 13 cents at $65.60 a barrel. The contract fell $4.65 a barrel or 6.63% to settle at $65.47 a barrel during the previous trading session.

India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

Overseas, most Asian shares edged lower as investors worry about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.

US stocks closed mostly lower after a volatile session Tuesday as oil prices tumbled, dragging the energy sector sharply lower, and a resolution of the US-China trade war remained elusive.

On the US data front, the National Federation of Independent Business small-business optimism index declined 0.5 points to a seasonally adjusted 107.4 in October, a four-month low. Further, the US ran a $100 billion deficit in October, wider than the $63 billion deficit recorded in October 2017 as spending rose by double digits and receipts only increased by 7%, according to the Treasury Department.

In Europe, the United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps.