Indian stock markets witnessed a sea-saw trade on Thursday as the headline indices kept oscillating between the positive and negative territories.
The stock market edged lower tracking weakness in heavyweights like HDFC Bank, Tata Motors and Bajaj Auto. However, losses were capped as Reliance Industries rose ahead of its annual shareholders' meet.
Traders are eagerly awaiting the June quarterly earnings reports that will start next week.
At 10:10 AM, BSE Sensex was at 35,644, slightly lower by 2 points, while the NSE Nifty was at 10,772, down 2 points.
Shares of Tata Motors slipped 3%. Jaguar Land Rover (JLR), the marquee British carmaker owned by Tata Motors, issued a warning regarding the impact of a “Bad Brexit” on the company.
Shriram Transport Finance Corporation stock price rebounded after the company's clarification note on SVL loan soothed investors' sentiment. The company issued clarification note yesterday, saying SVL Limited, its promoters / promoter group, and its associates, have enough resources to honour the payment of this loan whenever due and payable has reassured the same.
Meanwhile, BSE midcap index was trading at 15,415, while BSE smallcap index was marginally higher at 16,078.
Yes Bank (+2.7%), UltraTech (+2%), HPCL (+1.8%), M&M (+1.6%) and BPCL (+1.6%) were the top gainers on the NSE, while Titan (-3.6%), Tata Motors (-3.4%), Infosys (-3%), Bharti Airtel (-1.8%) and Vedanta (-1.6%) were the top losers.
Some buying activity was seen in banking, financial services and FMCG stocks, but metal, IT, media, and auto stocks were showing weakness on the NSE.
The India VIX was up 0.15% at 12.6775. Of the 2,045 stocks traded on the NSE, 725 declined, 838 advanced, and 482 remained unchanged on Wednesday.
A total of seven stocks registered a fresh 52-week high in trade, while 88 stocks touched a new 52-week low on the NSE.