Sensex, Nifty trades in green; ONGC plunges by 2%

Indian markets kicked off tradings in red for the eight-consecutive days on Thursday despite global peers being firm after President Donald Trump proposed the biggest U.S. tax overhaul in three decades.

At 1205 hours, Sensex was trading at 31,248.23 higher by 88.42 points or 0.28%, while Nifty 50 was above 18.05 points or 0.19% trading at 9,753.80.  

In early tradings, Sensex was trading at 31,102.08 lower by 57.73 points or 0.19%, while Nifty 50 was down 32.25 points or 0.33% trading at 9,703.50.  

Most of the stocks saw only gradual increase on stock exchanges. Gainers on BSE had Axis Bank at Rs 508.95 per piece, followed by TCS (Rs 2506 per piece), Lupin (Rs 1004.75 per piece), Tata Steel (Rs 651.80 per piece), ITC (Rs 259.85 per piece) and Sun Pharma (Rs 597.60 per piece) trading positive in the range of 0.45% - 1%. 

Losers on BSE had ONGC in lead which tumbled more than 2% on BSE as government plans to allow private firms in buying majority stake in this state-owned. The stock price was currently trading at Rs 168 per piece down by 1.29%. 

A PTI report stated that nearly 25 years after ONGC's prime discovered oilfields were privatised, the government is planning to allow private firms to take majority stake in the state-owned firm's producing oil and gas fields such as Mumbai High. 

Other losers were Asian Paints at Rs 1147.10 per piece (1.21%), Adani Ports at Rs 368.30 per piece (0.89%), Dr Reddy's Laboratories at Rs 2291.50 per piece (0.69%), Reliance Industries at Rs 794.50 per piece (0.51%) and Hindustan Unilever at Rs 1202 per piece (0.41%). 

Meantime, Indian rupee was trading at 65.866 above 0.331 paisa or 0.50% against US benchmark dollar. 

On September 27, Trump offered to lower corporate income tax rates, cut taxes for small businesses and reduce the top income tax rate for individuals.

Japan`s Nikkei rose 0.5% while MSCI`s broadest index of Asia-Pacific shares outside Japan was little changed in early trade.