MUMBAI: Benchmark indices Sensex and Nifty gave up early gains and slipped into the red on Friday, dragged down by a sharp fall in Axis Bank shares despite strong foreign inflows and a rally in global equities.
The 30-share BSE Sensex had opened higher, rising 329.23 points to 80130.66 in early trade. The broader NSE Nifty advanced 118.75 points to 24365.45. However, both indices later reversed course.
At mid-session, the Sensex was down 174.24 points at 79627.19, while the Nifty slipped 94.35 points to 24152.35.
Axis Bank shares declined 3.50 per cent after the lender reported a marginal drop in net profit for the March quarter to Rs7117 crore from Rs7130 crore a year ago. The bank was the top drag on both benchmarks.
Other major laggards included Adani Ports, Bajaj Finance, Bajaj Finserv, Tata Motors, Tech Mahindra and Eternal.
On the other hand, Tata Consultancy Services (TCS), Infosys, Reliance Industries, HCL Tech, HDFC Bank and ICICI Bank supported the indices with moderate gains.
Asian markets traded firm, with South Korea’s Kospi, Japan’s Nikkei 225, Shanghai Composite and Hong Kong’s Hang Seng all in positive territory.
Overnight, US markets closed sharply higher. The Nasdaq Composite surged 2.74 per cent, the S&P 500 rose 2.03 per cent, and the Dow Jones gained 1.23 per cent.
Foreign institutional investors (FIIs) extended their buying streak, purchasing equities worth Rs8250.53 crore on Thursday, according to exchange data.
Brent crude, the global oil benchmark, edged up 0.53 per cent to $66.90 a barrel.
On Thursday, the Sensex had declined 315.06 points or 0.39 per cent to close at 79801.43, while the Nifty lost 82.25 points or 0.34 per cent to settle at 24246.70.
