At 9:30 am, the BSE Sensex was at 47,252.55, weaker by 459.50 points or 0.97 per cent and the NSE Nifty was at 14,176.25, down 117.45 points or 0.85 per cent. The broader markets are outperforming the benchmark indices; the BSE Midcap index has shed 0.40 per cent and the BSE Smallcap index is trading flat.
Asian markets rose in Thursday's morning trade following an overnight bounce on Wall Street. The Nikkei 225 jumped 1.2 per cent in early trade, Topix index gained 1.13 per cent and South Korea's Kospi advanced 0.41 per cent.
Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier. The Dow Jones rose 0.93 per cent, Nasdaq Composite added 1.19 per cent to 13,950.22 and the S&P 500 gained 0.93 per cent.
Meanwhile, oil prices continued to be weighed down by rising Covid-19 cases in Asia. U.S. crude fell 2.49 per cent to $61.11 per barrel and brent was at $65.07, down 2.25 per cent on the day.
On the results front, Rallis India, Sasken Technologies and Tata Elxsi will release their quarterly earnings during the day.
On the stock-specific front, Shree Cements, IndusInd Bank, Asian Paints and Axis Banks are among the top losers on the BSE, shaving off between 2-3 per cent each.
On the other hand, metal stocks are trading strong, with Tata Steel and JSW Steel gaining around 2 per cent each.
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