Domestic stock markets started Friday's session on a lacklustre note amid weakness in Asian peers, after a four-day rally in which benchmark indices climbed 4 per cent.
The S-P BSE Sensex index fell as much as 65.82 points to hit 41,240.21 on the downside in early trade, and the broader NSE Nifty benchmark slid to as low as 12,103.20, down 34.75 points from the previous close.
Losses in financial, metal and energyshares pulled the markets lower however gains in IT and auto stocks limited the downside.At 9:17 am, the Sensex traded 44.60 points - or 0.11 per cent - lower at 41,261.43 while the Nifty was down 6.10 points - or 0.05 per cent - at 12,131.85.Twenty five stocks on the 50-scrip benchmark index traded higher at the time.Top percentage laggards on the Nifty at the time were Eicher Motors, Tata Motors, Vedanta, Kotak Bank and ICICI Bank, down between 0.77 per cent and 1.42 per cent.On the other hand, Hero MotoCorp, NTPC, Zee Entertainment, Yes Bank and Wipro - up between 0.96 per cent and 3.23 per cent - were the top Nifty gainers.Reliance Industries, ICICI Bank and HDFC Bank were the top contributors to the gain in Sensex.Market breadth was largely positive, with 567 stocks on the BSE trading higher and 388 moving lower in the first few minutes of trade.
On the NSE, 824 stocks advanced while 627 declined.Equities in other Asian markets slippedas the growing death toll and economic damage from the coronavirus outbreak put a lid on the week's sharp rally.MCCI's broadest index of Asia Pacific shares outside Japan was last seen trading0.72 per cent lower while Japan's benchmark Nikkei 225 index was down 0.08 per cent.On Thursday, the S-P BSE Sensex index had risen163.37 points - or 0.40 per cent - to end at41,306.03 and the broader NSE Nifty benchmark climbed48.80 points - or 0.40 per cent - to12,137.95.With that, the Sensex took its gains to1,570.5 points - or 3.95 per cent - and the Nifty added a total476.1 points - or 4.08 per cent - in four consecutive sessions.The Reserve Bank of India (RBI) kept the repo rate - the key interest rate at which it lends short-term funds to commercial banks - unchanged at 5.15 per cent and maintained an "accommodative" stance of policy.
The central bank however did hint at further rate cuts ahead.Economists said the decision was in line with their expectations with the economy showing signs of stagflation amid high food prices.Last year, the RBI lowered the key lending rates in five out of six bi-monthly reviews, reducing the repo rate by a total 135 basis points (1.35 percentage point).