The frontline equity indices reversed from the day's high and were hovering near the flat line in the mid-morning trade. Oil & gas, pharma and healthcare shares advanced while metals, realty and PSU banks stocks were under pressure. The Nifty slipped a tad below the 16,350 level, after hitting day's high of 16,393.85. Trading was volatile due to expiry of weekly index options on the NSE. Gains were capped due to negative global cues and persistent selling of domestic shares by FIIs. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 16.52 points or 0.03% at 54,875.97. The Nifty 50 index fell 11.50 points or 0.07% at 16,344.75. In the broader market, the S&P BSE Mid-Cap index lost 0.09% while the S&P BSE Small-Cap index was up by 0.09%. The market breadth was positive. On the BSE, 1,585 shares rose and 1,493 shares fell. A total of 142 shares were unchanged.

Buzzing Index:

The Nifty Metal index fell 1.35% to 5,276.05. The index rose 0.14% in the past trading session.

Among the components of the Nifty Metal index, Tata Steel (down 2.36%), Vedanta (down 2%), Jindal Stainless (down 1.51%), National Aluminium Company (down 1.39%) and Hindalco Industries (down 1.36%) were the top losers.

Stocks in Spotlight:

Crompton Greaves Consumer Electricals fell 0.88% to Rs 348.15. The company on Wednesday announced that its board will meet on 13 June 2022, to consider a proposal to raise upto Rs 925 crore via debt securities. The company's board will consider issuing debt securities, including but not limited to secured/unsecured, rated, listed, redeemable non-convertible debentures on private placement basis.

Biocon advanced 4.07% to Rs 333.60, extending gains for second day. The stock has added 4.99% in two sessions, from its recent closing low of Rs 316.75 recorded on 7 June 2022. The stock has declined 17.90% in the past one year while the benchmark Sensex has added 5.80% during the same period.

Global Markets:

Most Asian shares declined on Thursday. China is set to announce its trade data for May later on Thursday.

The European Central Bank is also expected to signal a July rate hike at its policy meeting later on Thursday.

US stocks dipped overnight ahead of May's consumer price index reading slated for Friday. The S&P 500 shed 1.08% to 4,115.77. The Dow Jones Industrial Average slipped 269.24 points, or 0.81%, to 32,910.90. The Nasdaq Composite shed 0.73% to 12,086.27.

In the commodities market, Brent crude for August 2022 settlement was up 21 cents or 0.17% at $123.79 a barrel.