Mumbai, Aug 27: Indian equity markets remained subdued on Thursday as weakness in HDFC Bank offset support from softer crude oil prices and easing concerns surrounding the Strait of Hormuz.
The Nifty 50 declined 0.06 per cent to 24,191.85, while the BSE Sensex slipped 0.12 per cent to 77,379.50 during morning trading.
HDFC Bank shares fell around 1 per cent following a US class-action lawsuit involving the lender and two executives. The decline in the heavyweight stock weighed on the broader benchmark indices.
The pressure came despite a decline of about 0.5 per cent in Brent crude prices. Oil prices eased as Iran and Oman moved forward with discussions concerning the Strait of Hormuz, while Qatar was also expected to pursue diplomatic efforts aimed at reducing regional tensions.
Lower crude prices are generally viewed positively for India because the country relies heavily on imported oil. A sustained decline could ease pressure on the trade balance, inflation and corporate costs.
Seven of the 16 major sectoral indices were trading higher, while small and mid cap benchmarks remained largely unchanged.
Among individual stocks, Bharat Electronics gained around 1 per cent after announcing additional orders worth Rs 730 crore. Bombay Burmah Trading Corporation surged 14.2 per cent following favourable developments related to a Supreme Court matter.
In contrast, ICICI Prudential Asset Management Company fell 3.7 per cent after Prudential Plc announced plans to sell a 2 per cent stake.
The market remained cautious as investors assessed global developments and corporate specific news, with easing energy prices providing some support but concerns surrounding major companies continuing to influence trading.