Equity benchmark Sensex dropped over 100 points in early trade on Thursday tracking weakness in index-heavyweights ICICI Bank, HDFC Bank and TCS amid muted cues from global markets and unabated foreign fund outflows.
After opening at 33,371.52, the 30-share index turned choppy to trade 52.46 points, or 0.16 per cent, lower at 33,455.46.
Similarly, NSE Nifty slipped 13.45 points, or 0.14 per cent, to 9,867.70. ONGC was the top laggard in the pack, shedding around 2 per cent, followed by ICICI Bank, Axis Bank, NTPC, Kotak Bank and HDFC Bank. On the other hand, Infosys, PowerGrid, Tata Steel, Bajaj Finance and Reliance Industries were among the gainers.
In the previous session, the BSE barometer settled 97.30 points, or 0.29 per cent, lower at 33,507.92, while the broader Nifty settled 32.85 points, or 0.33 per cent, down at 9,881.15.
On a net basis, foreign institutional investors sold equities worth Rs 486.62 crore in the capital market on Wednesday, provisional exchange data showed.
According to analysts, mixed global cues combined with the latest updates on India-China tension, rising COVID-19 cases and unabated foreign fund outflows kept market mood sombre.
Bourses in Hong Kong, Tokyo and Seoul were trading with losses in early deals, while those in Shanghai were in the positive territory. Stock exchanges on Wall Street ended on a mixed note in overnight trade.
International oil benchmark Brent crude futures fell 0.71 per cent to USD 40.42 per barrel. Meanwhile, the number of cases around the world linked to the disease has crossed 83.31 lakh and the death toll has topped 4.48 lakh.
India's case tally stood at 3,66,946 with a death toll of 12,237.