Benchmark indices are trading weak amid choppy trades weighed down by metal shares and index heavyweights like ITC, HDFC and RIL.
By 10:50, the Sensex was lower by 72 points at 27,766 and the Nifty was quoting at 8,402, down 22 points.
Among broader markets, BSE Midcap and Smallcap indices have slipped between 0.5-1%. The market breadth is positive with 1,163 shares declining versus 832 shares advancing 790 on the BSE.
In the currency front, the rupee strengthened 17 paise to 63.65 against the dollar in early trade at the Interbank Foreign Exchange today on fresh selling of the US currency by exporters and banks amid a higher opening in the equity market.
Japanese shares hit a new 15-year high on Thursday on hopes that its long-moribund economy was finally coming to life, but weak China factory activity capped stock market gains in much of the rest of Asia.
The dollar held on to broad gains after minutes from the Federal Reserve's April meeting minutes contained no major surprises.
Tokyo's Nikkei gained 0.5% a day after the release of stronger-than-expected GDP data.
SECTORS & STOCKS
BSE Metal, FMCG, Oil & Gas, Healthcare, Bankex and Power indices are down almost 1% each. However, BSE Consumer Durables index has gained by almost 1%.
Tata Steel has dipped 5% to Rs 344 on the NSE after reporting a consolidated net loss of Rs 5,674 crore in the quarter ended March 2015 (Q4) due to a sharp decline in revenues and an exceptional loss of Rs 4,811 crore. The company had posted a profit of Rs 1,036 crore in the same quarter last year.
Vedanta, Cipla, GAIL, Hindalco, Tata Power and ITC have slipped between 1-3%.
On the gaining side, Coal India, Tata Motors, Axis Bank, L&T and Bharti Airtel have gained between 1-3%.
Among other shares, Gayatri Projects has rallied 8% to Rs 197, extending its over 10% gain in the past four trading sessions on the NSE, after investment firm Mentor Capital bought stake in the construction & engineering company through the open market.
Claris Lifesciences are trading higher by 11% to Rs 312 on the BSE, accompanied by heavy volumes, after an Economic Times report suggested that Cadila Healthcare has emerged as the front runner to acquire the generic sterile injectables business of the company.