Major indices of the stock market, Sensex and Nifty, registered a decline in early trade on Thursday, but later they rapidly came into the positive zone amid buying at lower levels. The 30-share BSE Sensex fell 156.83 points to 84,949.98 in early trade. The 50-share NSE Nifty fell 47 points to 25,938.95.

Increase after initial decline

However, later both the benchmark indices recovered their initial losses and traded with gains. The BSE benchmark was trading 146.52 points higher at 85,244.78, while the Nifty was trading 36.70 points higher at 26,024.80. Both the benchmark indices were in decline for the last four days.

Condition of Sensex companies

Among the Sensex companies, Hindustan Unilever, Eternal, Titan, Power Grid, UltraTech Cement and State Bank of India were among the laggards. At the same time, shares of Tata Consultancy Services, HCL Tech, Bharat Electronics, Asian Paints and Tata Motors Passenger Vehicles registered gains.

Fall in rupee and continuous withdrawal of FIIs affected the market.

Prashant Tapse, senior vice-president (research), Mehta Equities Ltd, said the Nifty slipped below the 26,000 mark yesterday, continuing its decline for the fourth consecutive session. The market trend remained in favor of the bears. Fall in rupee and continuous withdrawal of FIIs are impacting market sentiments. Apart from this, upcoming policy decisions of RBI and Fed and geopolitical developments can also create new volatility in the market.

Asian markets were in mixed condition

In Asian markets, South Korea’s Kospi was trading down, while Japan’s Nikkei 225 index and Hong Kong’s Hang Seng index were trading in positive territory. American markets closed with gains on Wednesday.

The price of Brent crude increased to $ 62.89 per barrel.

Global oil benchmark Brent crude rose 0.35 percent to $62.89 a barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 3,206.92 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 4,730.41 crore. On Wednesday, the Sensex closed 31.46 points or 0.04 per cent lower at 85,106.81, while the Nifty closed 46.20 points or 0.18 per cent lower at 25,986.