BSE Sensex opened 59.64 points higher, but soon turned choppy in early trade, as investors cashed profits in metal, healthcare, PSU and auto stocks, amid weak Asian cues as US-China trade spat escalated.
Indian shares fell for the first time in five sessions after hitting record highs, as caution set in ahead of the release of minutes from the RBI’s policy meeting.
Sensex tumbled 453 points its biggest single session fall in one year to close at 33,149.35 on widespread selling triggered by widening fiscal deficit concerns.
Indian shares rose, buoyed by gains in refiners such as RIL as oil prices dropped overnight after crude oil and gasoline stockpiles rose unexpectedly in the US.
India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system.
Macro-economic data points, along with quarterly results and a decision on the GST sub-rates on gold, will form the major themes for the Indian stock markets.
Amidst cross-border tensions with Pakistan and geo-political worries the Indian equity markets closed the week's trade at record highs.
Sensex hit a soft patch for the second day running as it retreated from record highs to close below the 30,000 mark after investors pocketed gains.
Robust GDP data for the December quarter provided the markets a big relief as the Sensex rallied over 241 points to end at about a six-month high of 28,985.
The Indian equities markets are expected to be volatile as investors look forward to more policy reforms, sops and tax breaks from the Union Budget