Indian stocks markets opened weak on Thursday morning tracking US markets, but recovered towards mid-morning, and have stayed flat with no further triggers.
At markets open, the Nifty50 index was down 0.6 percent at 17,053.60 and the Sensex was also down 0.6 per cent at 57847.21 points.
Most of the sectoral indices showed losses in morning trades, except certain sectors such as pharma and healthcare. Though the markets had factored in the US Fed rate hike of 25 bps, the US markets ended down as US Federal Reserve Chairman Jerome Powell indicated that more rate hikes could be in the offing if high inflation rates persisted.
The S&P 500 index ended 1.7 percent lower, while the Dow Jones Industrial Average Index ended 1.6 percent lower. The Nasdaq Composite index fell 1.6 percent.
The Nifty50 index was dragged down by index heavyweight Reliance Industries, which saw a 1 per cent decline, and technology stocks that were weighed down by the losses in US markets.
Shares of HCL Technologies were down 1.5 per cent, Wipro fell 1.2 per cent and Infosys declined 1 per cent.
At 11.24 am, the Nifty50 index was flat at 17,142.75 while the Sensex was also flat at 58,168.93 points.