Benchmark indices opened the day higher continuing the strong momentum seen throughout the week, with the Sensex crossing the 38,000 points mark. However, a few minutes into trade the markets gave-up gains. Global cues were subdued, particularly from Asia, where select markets like the Japanese Nikkei dropped.
The Nifty was trading with gains of 27 points, while the Sensex was down 32 points near the 37,900 points mark. Hindustan Unilever saw its stock fall 1.5 per cent, after the FMCG maker reported a 7.18 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,881 crore for the quarter ended June 30, 2020.
Axis Bank saw its stock gain even after the private lender reported a decline of 19 per cent in its net profit for the first quarter (Q1) of 2020-21. The shares were up a huge 6 per cent, as the lockdown quarter seems to have been much better than expected for the bank.
Shares in L&T were trading lower ahead of quarterly numbers to be declared later today. Among the early losers in trade from the Nifty were BPCL, Zee Entertainment and Indian Oil Corporation.
Meanwhile, in commodities gold soared past the $1850 an ounce mark, while dollar extended its losses.