Indian benchmark indices declined in early trade on Thursday, tracking a sharp slide in Asian markets.
The Nifty 50 was down 0.26% to 24,543.80 while the BSE Sensex fell 0.23% to 80,514.25, as of 9:26 a.m.
However, both indices soon recouped losses. As of 10:05 am, the Sensex had gained 108.23 points (0.13%) to reach 80,824.78, and the Nifty had risen by 30.95 points to 24,643.95.
Among the sectoral indices, all except Nifty FMCG, Nifty IT, and Nifty Realty declined, with Nifty Media dropping by more than 2 percent.
The top gainers in the Nifty 50 were LTIMindtree, Axis Bank, Apollo Hospital, and Infosys. Shares of Asian Paints, Bajaj Auto, Eicher Motors, Hero MotoCorp, and Cipla fell the most.
“Asian markets are following US markets lower, with a stronger yen and lower export numbers pushing the Nikkei down by nearly 2 percent. Indian markets are expected to be soft given the weak global cues,” said Ajay Bagga, Banking and Market Expert.
“With the Union Budget just three trading days away, expect some profit booking as traders lighten positions going into this market-moving event next week. Haven buying saw gold and silver rally, while lower US inventories are boosting crude oil prices.”
Asian markets declined amid falling tech and chip stocks due to heightened geopolitical tensions and US export restrictions. Japan’s Nikkei 225 dropped over 2 percent, while South Korea’s Kospi fell 0.98 percent.
Crude prices rose slightly, with WTI at USD 83.30 and Brent at USD 85.35. The US Dollar Index (DXY) was up 0.05 percent at 103.73.
(With ANI input)
