Benchmark indices Sensex and Nifty gave up initial gains and turned negative after investors turned cautious ahead of August futures and options expiry today amid mixed cues from other Asian markets.
The rupee hitting a new record low of 70.82 against the dollar and surging global crude oil prices too dampened trading sentiments, brokers said
The 30-share BSE index, after rising over 96 points at the outset on selective buying metal, power and IT stocks, turned choppy and was trading 54.08 points, or 0.14%, lower at 38,668.85 at 0930 hrs.
The gauge had retreated from its lifetime high by falling 173.70 points in the previous session. It had scaled an all-time high (intra-day) of 38,989.65 on August 29.
The 50-share NSE Nifty also turned volatile and was down 24.45 points, or 0.21%, at 11,667.45 after touching a high of 11,698.80.
Top losers include Axis Bank, Yes Bank, RIL, Kotak Bank, Maruti Suzuki, Asian Paint, ICICI Bank, IndusInd Bank, ONGC, SBI, Adani Ports and HDFC Bank, falling up to 1.16%.
Major gainers were ITC, Bharti Airtel, Sun Pharma, PowerGrid, Tata Steel, NTPC, Coal India, Bajaj Auto and TCS, rising up to 1.30%.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of ₹1,114.36 crore, while foreign portfolio investors (FPIs) sold shares worth a net of ₹1,415.87 crore on August 29, provisional data showed.
Elsewhere in Asia, Shanghai Composite Index shed 0.81%, while Hong Kong’s Hang Seng was down 0.76% in their early deals. However, Japan’s Nikkei rose 0.13%.
The U.S. Dow Jones Industrial Average ended 0.23% higher on August 29.