Among the headline indices, the S&P BSE Sensex was at 48,050 levels, down 30 points, On the NSE, the Nifty50 was hovering below 14,400 levels.

Power Grid was the top gainer on the Nifty, up 4 per cent, followed by Tata Steel, SBI Life, Dr Reddy’s Labs, and Asian Paints. On the downside, Wipro, ICICI Bank, Bajaj Finance, Hero MotoCorp, and State Bank of India were the top laggards in morning deals.

In the broader markets, the S&P BSE MidCap index was up 0.86 per cent while the S&P BSE SmallCap index gained 1.24 per cnt.

Sectorally, the Nifty PSU Bank index was up 1.4 per cent while the Nifty FMCG index slipped 0.4 per cent.