The BSE Sensex and NSE Nifty shaved off all early trade gains, weighed down by Infosys, ITC and State Bank of India. ICICI Bank too was under pressure. Even the broader markets turned negative. However, the buying interest in oil & gas and capital goods has limited the downside.
The BSE Sensex and NSE Nifty gave up most of their early gains, weighed down by Infosys, ITC and State Bank of India.
The BSE benchmark was down 26 points to 16,453.49 after losing around 200 points from day's high. Meanwhile, the NSE benchmark fell 4.7 points to 4,970.10.
Country's largest lenders State Bank of India and ICICI Bank were down 1% and 0.2%, respectively while HDFC Bank gained 0.7%.
Cigarette major ITC declined more than 1% on the back of profit booking; it had rallied nearly 6% yesterday after removal of ad valorem duty on cigarettes by the government.
However, housing finance company HDFC gained 0.5% and FMCG major HUL rose 0.8%.
Capital goods majors Larsen & Toubro and BHEL moved up 0.36% and 1%, respectively. Oil & gas producers Reliance Industries and ONGC advanced 0.5-0.9%.
On the global front, European markets too turned lower after French economic data - industrial production dropped higher than expected at negative 0.9% for March as against consensus estimate of negative 0.5%. France's CAC and Britain's FTSE were down while Germany's DAX gained marginally.
The benchmark index Nifty surged close to 1% on back of short covering despite weak global cues. Asian shares fell on Thursday, as a weak Chinese trade data stoked fears of a growth slowdown
The BSE Sensex stayed higher with more than 100 points gains led by 27 components while the NSE Nifty too held the 5000 level quite nicely. Index heavyweights Reliance Industries, State Bank of India and Larsen & Toubro were helping the market.
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Economy turning for sure but cant say for mkts: DSP