Mumbai: The sensex slid for the seventh day on the trot with banking stocks pulling the index down after the RBI kept rates unchanged in its bi-monthly policy meet on Wednesday. The NSE Nifty also rose past 10,500 in morning hours.
On Wednesday, the Indian markets had closed in red after the Reserve Bank of India (RBI) announced to keep the key lending rates unchanged.
According to the provisional data released by the stock exchanges, foreign portfolio investors (FPI) offloaded shares worth Rs 2,297 crores.
Over the last four trading sessions that have been marred by global concerns around inflation and interest rate hike in the United States and imposition of long term capital gains tax in India on equity gains, the DIIs have invested heavily even as FPIs made a sharp exit.
In the Asian region, Japan's Nikkei ended 1.13 per cent higher, Hong Kong's Hang Seng rose 0.42 per cent, while Shanghai Composite Index fell 1.43 per cent.
Domestic bourses witnessed a relief rally as both benchmark indices Sensex and Nifty reversed their seven-day losing spell as participants went for value-buying and also encouraged by positive Asian bourses. In Europe, the Dax in Germany and FTSE in United Kingdom were down by 1 per cent and 0.8 per cent respectively during afternoon trading hours.
Sun Pharma emerged the biggest gainer on Thursday as the stock surged 6.32 per cent. Dr Reddy's too gained 3.18 per cent.
The index was still down 2.8 per cent year-to-date after equities worldwide took a battering this week.
Market breadth was positive with 2172 stocks closing higher compared with 640 ending lower on the BSE.
The Nifty Pharma index was trading 2.62 per cent up at 9,170 around 1:30 pm (IST) on Thursday.