Mumbai: Equity indices ended two days of rally and opened lower on Friday amid weak global cues.
Metal, media and bank scrips eroded Thursday’s gains and were in the negative zone. Auto, IT, pharma and realty stocks were in the positive territory however.
At 11:15 am, the BSE Sensex was down 31 points at 35,867 while the Nifty 50 was trading 5 points lower at 10,785.
Among top gainers were Indiabulls Housing Finance, Infratel, BPCL and IOC. JSW Steel, Tata Steel and L&T were slipping.
Kotak Mahindra Bank dropped 4 per cent on the National Stock Exchange after media reports said that ING will offload its stake.
Meanwhile, Asian stocks faltered following investor concerns over slowing global economic growth, Still, market experts continued to watch high-level talks between US and Chinese trade negotiators in Washington.
US officials believe the negotiations have gone well so far, and President Donald Trump is open to extending the March 1 deadline to complete negotiations.