Mumbai: Equity indices swung wildly during early trading on Thursday but mostly remained at near-flat levels as the announcement of repo rate cut of 35 basis points by the Reserve Bank India a day earlier failed to cheer investors.
At 10:15 am, the BSE S&P Sensex was up 96 points at 36,787 while the Nifty 50 edged up 31 points to 10,886. At the National Stock Exchange, sectoral indices were mixed with financial services, metal and private banks in the red while others were in the positive zone.
Among stocks, HCL Tech gained by 4.4 percent to trade at Rs 1,067.60 per share. Bharti Infratel was up by 2.8 percent, Bharti Airtel by 1.9 percent, Hero MotoCorp by 1.7 percent and Tata Motors by 1.6 percent.
However, Tata Steel was down by 3.5 percent to Rs 368.40 per share. Cipla, IndusInd Bank, Tech Mahindra and Asian Paints were among other prominent losers.
Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 percent in July from a year earlier. Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war.
MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.6 percent even though it was still down more than 7 percent over the past two weeks. Japan’s Nikkei edged up 0.6 percent while Chinese blue chips rose 0.9 percent.