Mumbai: The BSE benchmark Sensex was trading lower by 22.53 points in a choppy morning session after participants took to profit-booking in key frontline shares of telecom, IT and teck sectors amid mixed Asian cues.
Heavy selling pressure was witnessed in automobile and information technology (IT) stocks.
The NSE Nifty bounced back 49.20 points or 0.57 per cent to 8,673.25.
At 09:20 am, the 30-share index was trading at 28,149.71, up 26 points or 0.09 per cent.
The scrip opened at Rs. 112.90 and has touched a high and low of Rs. 114.00 and Rs. 112.55 respectively.
However, negative global indices, profit booking and a weak rupee forced the key indices to cede their initial gains.
The market on Thursday opened higher after reacting positively to the minutes of Federal Reserve.
The rupee weakened by 25 paise to 67.06 against a USA dollar from its previous close of 66.81 to a greenback.
“Negative global markets, lower crude oil prices and caution over increased chances of a rate hike in the U.S. subdued the Indian equity markets”, Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
Desai added that Nifty is likely to face resistance at higher levels due to firm USD/INR futures prices.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 162.17 crore yesterday, as per provisional data released by the stock exchanges.
In broader markets, the mid-cap index rose 0.52 per cent while small-cap ended 0.45 per cent higher.
BSE Sensex settled at 28,077 points, NSE Nifty ended at 8,666.90.
Power Grid (down 1.07 per cent), HDFC (down 0.84 per cent), HDFC Bank (down 0.7 per cent) and RIL (down 0.61 per cent) were the major Sensex losers.