Mumbai: Indian shares turned positive in afternoon trades on Friday, reversing earlier sharp losses, with banks gaining after the central bank raised reserve requirements but held short-term interest rates steady.
At 2:10pm, the 30-share BSE Index which had extended losses to 2% after the Reserve Bank’s policy review, was up 0.05 percent at Rs16,315.82 points with 14 components gaining. The 50-share NSE Index was also up 0.5% at 4,869.95 points.
Markets dropped more than 1% in opening deals, hurt by a slide in global stocks and led down by losses in Infosys Technologies and Reliance Industries.
At 9:01am, the 30-share BSE index was down 0.91% at 16,158.05 points, with only two components advancing.
Tata Steel, the world’s eighth largest steel maker by output, was down 1.8% at Rs575.20. It had rallied 4.8% on Thursday after forecast-beating third-quarter results. The 50-share NSE index was down 1% at 4,817.45.