Mumbai, Oct. 14 -- Indian benchmark indices opened lower on Wednesday but soon recovered to trade in positive territory, supported by hopes of relief on Long-Term Capital Gains (LTCG) tax, Securities Transaction Tax (STT) and a decline in institutional selling. However, weak global cues continued to weigh on market sentiment.

At the opening bell, the BSE Sensex fell 116.42 points, or 0.16 per cent, to 72,917.36, while the NSE Nifty 50 declined 30.85 points, or 0.14 per cent, to 22,691.10. GIFT Nifty was also trading lower at 22,709.50, down 141 points, or 0.62 per cent.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the sharp rally in the Nifty on Tuesday came as a surprise amid the broader market downt...