- Sensex, Nifty move lower immediately after a positive opening
- Reliance Industries shares fall nearly 2% after April-June earnings
- SBI, Indian Oil will report financial results on Friday
Domestic stock markets gave up early gains on Friday amid weakness across Asian markets. The S&P BSE Sensex fell as much as 0.53 per cent - or 198.27 points - lower to 37,537.80, immediately after starting the session up 111.81 points - or 0.30 per cent - at 37,847.88. The broader NSE Nifty 50 benchmark slid to as low as 11,049.20 in the first few minutes of trade, following a stronger opening at 11,139.50 compared to its previous close of 11,102.15.
However, the markets recovered more than half of those losses soon after. At 9:34 am, the Sensex traded 40.05 points - or 0.11 per cent - lower at 37,696.02, while the Nifty was down 11.45 points - orr 0.10 per cent - at 11,090.70.
Reliance Industries shares fell as much as 1.54 per cent to Rs 2,076.20 apiece on the BSE, compared to their previous close of Rs 2,108.65, a day after the oil-to-telecom conglomerate reported a 31 per cent jump in its net profit in the June quarter, beating analysts' estimates.
Analysts awaited more large cap earnings for the quarter ended June 30. State Bank of India and Indian Oil were scheduled to report their financial results for the April-June period later in the day.
Share markets in other Asian markets were mixed, with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading 0.21 per cent higher.
While Japan's Nikkei 225 benchmark traded 2.02 per cent lower at the time, and China's Shanghai Composite and South Korea's KOSPI barometers were down 0.05 per cent and 0.24 per cent respectively, Hong Kong's Hang Seng index was up 0.18 per cent.
The E-Mini S&P 500 futures moved 0.30 per cent higher at the time, indicating a positive start for US markets on Friday.
On Thursday, the S&P 500 and Dow Jones Industrial Average indices in the US fell 0.38 per cent and 0.85 per cent respectively, but the technology stocks-heavy Nasdaq Composite benchmark climbed up 0.43 per cent, after Apple, Amazon, Facebook and Google parent Alphabet - collectively referred to as the Big Tech - reported largely better-than-expected financial results.
Earlier, the Sensex had ended 335.06 points - or 0.88 per cent - lower at 37,736.07, and the Nifty settled at 11,102.15, down 100.70 points - or 0.90 per cent - from its previous close.