Market was also nervous about the ongoing trade talks between India and the US
Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Friday ahead of inflation and factory output data releases.
After jumping over 100 points in opening trade, the 30-share index pared all gains to trade 6.14 points, or 0.02 per cent, lower at 38,816.97 at 0945 hours. Similarly, the broader Nifty fell 6.30 points, or 0.05 per cent, to 11,576.60.
In the previous session, the 30-share gauge settled 266.07 points or 0.69 per cent higher at 38,823.11. Similarly, the broader NSE Nifty climbed 84 points, or 0.73 per cent, to 11,582.90.
On a net basis, foreign institutional investors sold equities worth Rs 316.86 crore, while domestic institutional investors purchased shares to the tune of Rs 719.74 crore, provisional data available with stock exchanges showed Thursday.
Top losers in the Sensex pack in early trade included Bharti Airtel, Tata Motors, ITC, L&T, HDFC Bank, Hero MotoCorp, Bajaj Finance, PowerGrid and Axis Bank, shedding up to 1.46 per cent.
On the other hand, Sun Pharma, NTPC, Yes Bank, RIL, Tata Steel, TechM and HDFC rose up to 1.21 per cent.
Shares of Infosys were trading marginally higher ahead of the company's quarterly results, scheduled to be released later in the day.
According to traders, investors are cautious ahead of the release of inflation and industrial production data.
Market was also nervous about the ongoing trade talks between India and the US, they added.
Reiterating that President Donald Trump and US Trade Representative Robert Lighthizer are frustrated with the lack of balance and reciprocity from India when it comes to trade and tariff, a top US Administration official said that the new round of discussion between the two countries is not open-ended and the US wants things to move quickly.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a positive note in their respective early sessions. Meanwhile, bourses on Wall Street too ended higher on Thursday.
Meanwhile, the Indian rupee depreciated 7 paise to 68.51 against the US dollar.
The global oil benchmark Brent crude futures were trading 0.65 per cent higher at 66.95 per barrel.