The Indian stock market benchmark indices, Senex and Nifty 50, are likely to open lower on Wednesday tracking weak global market cues.The trends on Gift Nifty also indicate a negative start for the Indian benchmark index.

Mid- and small-cap indices followed the downward trend, sliding 1 percent and 1.3 percent, respectively. These broader markets, which have surged nearly 25 percent year-to-date compared to Nifty’s 13 percent rise, showed signs of fatigue. Meanwhile, the market volatility index India VIX rose over a percent, holding just above 14.

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Steep correction in the benchmark Nifty 50 index continued which now is closer to 23880 levels and analysts do not rule out Nifty testing the long-term moving average at the 200 DEMA level, around 23,