Euro hovered above 11-year low after Swiss Central Bank abandoned its currency cap, sending a signal that it is almost certain that the European Central Bank would launch large-scale bond buying next week.
However, buying from foreign investors helped cap losses for Indian markets. FIIs bought Indian equities worth Rs 1,738 crore in cash market on Thursday.
TCS was down 1.4 per cent after its dollar revenue growth in the third quarter missed some analysts' estimates.
Bharti Airtel fell 2.6 per cent to be the top loser in Nifty.
Shares in SpiceJet surged 10 per cent to its maximum intraday limit of Rs 20.50 after its earlier promoter Ajay Singh proposed to buy entire stake of its existing owner, Sun Group chairman Kalanithi Maran and Kal Airways.
Shares in Sun TV Network also gained over 11 per cent as it removes a major overhang on the stock. Mr Maran and his KAL Airways Private Ltd own nearly 59 per cent of SpiceJet.
At 11:40 am, the Sensex was up 21 points to 28,096 while Nifty rose 8 points to 8,502.