The Indian benhmark indices nosedived at the strike of the opening bell in this week's trade on the back of weak global markets and investor reaction to the GST Council's meeting on Sunday where it reduced the rates for 66 items.
Indian indices recouped early losses to finish marginally higher on Friday after global markets took the inconclusive UK election result as well as former FBI Director James Comey's Senate testimony in their stride.
At 9.32 am, the BSE Sensex was trading at 31,154, falling 107.50 points (0.34%) while the NSE Nifty was trading at 9,635, down 32.60 points (0.34%).
Globally, a negative trend prevailed ahead of US Federal Reserve's 2-day meet where investors anticipate a hike in interest rates.
On the BSE, Adani Ports, Wipro and State Bank of India were top laggards. The index was led by Mahindra and Mahindra gaining 1.75 per cent followed by Tata Steel, up 1.19 per cent.
On the NSE, Wipro was the top loser while M&M was the top gainer.
The IIP, manufacturing & Inflation data's are expected to roll out today which will throw light on the economic activities taking shape in our country.
"Going ahead banking stocks are likely to remain positive as RBI has cut the SLR, which will certainly infuse more liquidity into the banking system, ultimately increasing the credit off take," says Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.
"We believe indices to remain traded on the positive note keeping the focus on Banking, non-banking finance companies, reality and fertilizer stocks," he adds.