NEW DELHI: Benchmark indices got off to a quiet start Thursday morning but soon recovered losses as the US Fed's rate cut signal sent a dollar and the US bond yields falling and equities bounced globally.
A gauge of global stock markets edged near this year's peak.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent while Japan's Nikkei gained 0.5 per cent.
However, an over 1 per cent rise in crude oil prices remained a concern.
Brent crude futures rose 82 cents, or 1.3 per cent, to $62.64 as official data showed US crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.Foreign portfolio investors (FPIs) were net sellers to the tune of Rs 97 crore worth of domestic stocks on Wednesday, data available with NSE suggested.
DIIs sold stocks worth Rs 105 crore.At around 9:40, the BSE Sensex was up 50 points or 0.15 per cent higher at 39,170.
Meanwhile, NSE Nifty was at 11,703, up 12 points or 0.10 per cent at around the same time.
The expiry of weekly options could infuse volatility in today's trade.
The options data show an unclear picture as highest Put open interest was at the 11,700 strike while Nifty ended on Wednesday a few points below it, said Milan Vaishnav of Gemstone Equity Research - Advisory Services.The IT pack was under pressure as US delays notification of new work permit rules which pushing the markets further deep into the red zoneJet Airways shares continued to be in pain and slipped 17 per cent in the opening trade.
Indian lenders efforts to initiate insolvency proceedings against Jet Airways are facing a fresh challenge, with the trustee appointed by a Netherlands court, which had last month declared the grounded airline bankrupt, seeking to intervene.
In the 30-pack Sensex, 10 stocks gained while 20 fell.
Coal India was the biggest gainer, up 0.64 per cent as the management expressed confidence on its FY20 production target of 660mt.
Kotak Bank, RIL, ONGC, Bharti Airtel were among other gainers rising over half a per cent.On the other hand, Yes bank declined the most, down 2.47 per cent, followed by IndusInd Bank, TCS, Asian Paints, Tata Motors and Maruti.
All of these stocks were down 2 per cent each.BSE Midcap and BSE Smallcap dropped 0.31 per cent and 0.71 per cent respectively.On the sectoral front, barring Energy and Oil - Gas, all the other sectors lost with IT being the top loser, led by heavyweights such as TCS, Infosys and Wipro.