India's benchmark stock indices fluctuated after opening lower on Thursday as Larsen & Toubro Ltd. led while Reliance Industries Ltd. dragged.
The Nifty was above the 19,600 level, while the Sensex found support at 65,800. Realty sector led, whereas fast-moving consumer goods and metals came under pressure.
As of 12:22 p.m., the S&P BSE Sensex fell 16 points, or 0.02%, to 65,864.50, while the NSE Nifty 50 was 0.75 points lower at 19,610.30.
European equity futures fell alongside contracts for U.S. stocks on fears of further tightening by the Federal Reserve. The dollar strengthened against major currencies, causing the Indian rupee to depreciate to Rs 83.16.
In Asia, Chinese exports fell less than forecast, an encouraging sign for the economy. Malaysia is expected to keep rates on hold at 3%. Japan's Topix fell 0.4%. Australia's S&P/ASX 200 fell 1.2%, and Hong Kong's Hang Seng fell 1.1%.
Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer towards $90 per barrel.
Larsen & Toubro Ltd., Coal India Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., and TCS Ltd. were positively contributing to the Nifty 50.
Whereas, Reliance Industries Ltd., Infosys Ltd., Bajaj Finance Ltd., Hindustan Unilever Ltd., and ITC Ltd. were weighing on the index.
The broader market indices outperformed their larger peers, with the S&P BSE MidCap rising 0.49% and the S&P BSE SmallCap gaining 0.41% through midday on Thursday.
Fifteen the 20 sectors compiled by BSE Ltd. advanced, while five advanced. S&P BSE Capital Goods, S&P BSE Realty rose the most.
The market breadth was skewed in favour of the buyers. About 2,134 stocks rose, 1,349 declined, and 172 remained unchanged on the BSE.
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