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The market has opened sharply lower on Wednesday, tracking weak global cues. The Sensex fell 129.34 points or 0.55 percent to 23280.84 and the Nifty declined 34.85 points or 0.49 percent to 7074.70. ICICI Bank, ONGC, NTPC, BHEL, Dr Reddy's Labs, PNB, Cairn India and Vedanta were down 1-4 percent while HUL, Maruti Suzuki, BPCL, Grasim, Zee Entertainment and Power Grid Corp were early gainers. 

The broader markets were also facing the heat of selling pressure. The BSE mid-cap index fell 0.74 per cent and small-cap index declined 0.56 per cent.From the Nifty-50 baskets of stocks, 35 shares were declining while 15 were advancing.