Sensex and Nifty, the two key equity benchmarks that bounced back in morning trade on Friday, turned negative erasing early gains amid mixed trends in global markets.
At 10.15 am, the BSE Sensex declined 110 points to 60,726, while the broader NSE Nifty was trading at 18,029, down 23 points.
On the 30-share Sensex pack, Infosys, Tata Consultancy Services, Dr Reddy’s, HCL Technologies, Tech Mahindra, HDFC twins, and Hindustan Unilever Limited were the main losers. On the flip side, Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Tata Steel, Axis Bank, Larsen & Toubro, State Bank of India, and UltraTech Cement were among the early winners.
In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices climbed up to 0.5 per cent.
Barring Nifty IT and Nifty Pharma indices, all other sectors traded in a sea of green. Nifty Metal index surged the most, over 1 per cent in trade.
“There are two broad trends, one negative and the other positive, in the market now. The negative trend is the rising interest rates globally. But even in this unfavourable environment FII flows into India are rising. This vote of confidence in India is a clear positive,” said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
In the previous session on Thursday, the BSE benchmark declined 70 points (0.11 per cent) to settle at 60,836, while the Nifty dipped 30 points (0.17 per cent) to end at 18,052.
Elsewhere in Asia, markets in Seoul and Tokyo were trading lower, while Shanghai and Hong Kong quoted in the green. Wall Street had ended lower on Thursday.
International oil benchmark Brent crude was trading 0.81 per cent higher at $95.44 per barrel.
Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought shares worth Rs 677.62 crore, as per exchange data.
Meanwhile, the rupee appreciated 25 paise to 82.63 against the US dollar in early trade on Friday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 82.85 against the dollar, then gained ground to touch 82.63, registering a rise of 25 paise over its previous close.
On Thursday, the rupee settled 8 paise lower at 82.88 against the US dollar.