NEW DELHI: The domestic equity market had a positive start on Thursday amid firm global cues.
Market breadth was in favour of buyers.
However, steadily rising crude oil prices and selling by foreign institutional investors capped gains.Asian shares steadied in early trade on news that the US was planning to delay tariffs on auto imports, providing much-needed relief to markets.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while Australian and South Korean indices were little changed.Oil prices rose for the third straight day, as the risk of conflict in West Asia stoked fears of supply disruptions, negating an unexpected rise in US inventories.
Amid all this, Brent crude futures touched the $72 mark.Indias trade deficit widened to a five-month high in April as rising crude prices raised import costs and gold imports swelled.
FIIs have suddenly turned sellers in equities in seven out of last 10 sessions.
They offloaded shares worth Rs 1,142.44 crore on Wednesday, NSE data showed.
At 9:30 am, Sensex traded 24 points, or 0.06 per cent, higher at 37,139 while NSEs Nifty was up 6 points, or 0.05 per cent, at 11,163.
In the 50-pack, 30 stocks advanced, while 20 declined.Among Sensex stocks, Tata Motors was the biggest gainer, up around 1.07 per cent.
Other gainers were Vedanta, Infosys, Bajaj Finance, Powergrid and Tata Steel.Kotak Bank was the biggest loser, falling over 1 per cent.
LT, Coal India, MM, HDFC and ITC joined Kotak on the list of losers.Off the main board, IndiGo shares kept buzzing after reports of serious differences between the two founder-promoters, threatening to affect the airlines functioning.
Clauses in the shareholders agreement and differences between the two founders over strategies and ambitions are said to be the bone of contention.
IndiGo shares slipped nearly 3 per cent.The market would watch Hindalco Industries, Bajaj Finance, Bajaj Finserv, Blue Dart, Chambal Fertilisers, DB Corp, JSW Energy, JK Tyre and Shree Renuka Sugars, companies that are scheduled to release quarterly earnings during the day.The broader market moved in step with the benchmark.
BSE Midcap and BSE Smallcap indices traded in line with the overall market mood, gaining 0.16 per cent and 0.13 per cent respectively.On the sectoral map, barring Capital Goods, Oil Gas and Realty, other indices gained.
BSE Auto was the biggest gainer, up 0.55 per cent.