Indian Stocks Edge Lower as Most Asian Markets Slip Into the Red
The Indian equity markets edged lower at the open. The Sensex quickly pared gains after starting on a strong note in opening trade on Thursday, led by losses in ITC, ICICI Bank, RIL, SBI and Bharti Airtel.
The Nifty50 also pared gains after starting on a strong note, and was trading around crucial psychological support level of 8,150 levels. Sectorally, IT, consumer durable, realty and pharma stocks lent some support.
Vedanta and ONGC were the top gainers on the BSE benchmark, climbing 2 and 1.3 per cent, respectively.
Rupee hit its eight week high against the US dollar on Wednesday after gaining 48 paise to close at 64.94 on fresh selling of the greenback.
Asian stocks traded mostly higher on Thursday following a positive lead from Wall Street, with Chinese equities leading gains after mainland markets resumed trade after a week-long holiday.