Benchmark indices the Sensex and the Nifty opened the day marginally higher, after successive days of losses. Most of Asia was trading with losses, with the Shanghai Composite falling almost 1.6%, while the Hang Sang declined 1.7%. The Japanese Nikkei too was marginally lower in trade.
Futures contracts tied to the major U.S. stock indexes held steady. Investors across the globe are awaiting the key June jobs report, which will give an indication on how soon the US Fed could hike interest rates.
Shares in HeroMoto Corp gained ground after the company reported a solid rebound in June to sell 4,69,160 units of motorcycles and scooters, against 4,51,983 units sold in corresponding month last year. The stock was up 1.28% in early trade.
BHEL shares were marginally lower, after India Ratings downgraded the rating on the long-term bank facilities of the company from 'AA' to 'AA-' and reaffirmed the outlook to 'Negative'.
Shares in NCC were up 2.35%, after the company said it has received five new orders totalling to Rs 2,149 crore in June.
"Going ahead, the equity market may continue to consolidate in the near term given the worry over the potential risk from Covid third wave and the commodity price led inflation and in absence of any fresh trigger. Investors would take cue from US payroll data and US PMI data due later today," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.