Benchmark indices opened higher even as crude oil prices rallied, following Donald Trump's decision to pull out of the Iran nuclear deal. Global markets were having a solid rally, following crude oil's rise. However, India, tends to be hard hit with rising crude prices, which wreck the fiscal deficit and the current account deficit.
Banking stocks came under some pressure as investors sold at higher levels. The worry was that the RBI may raise interest rates in its forthcoming policy meet, on account of rising crude, which led to some losses in banking stocks.
Shares in PC Jeweller rose, ahead of the board meet to decide on buyback of shares. The shares have doubled in value in just three trading sessions. It was last trading at Rs 216, ahead of the decision by the board.
Tata Motors, whose shares saw a spectacular rally on Wednesday, following good JLR numbers continued to see some buying support. The stock was up 0.50 per cent at Rs 343.75.
Shares of oil marketing companies were subdued, following the surge in crude prices. HPCL, BPCL, Chennnai Petroleum and Indian Oil were under pressure,
Meanwhile, most Asian markets were trading higher, following the surge in crude prices. The Hong Kong's Hang Sang and the Japanese Nikkei were leading gainers in trade and were up 0.5 per cent each.