Market Benchmark Index Sensex dropped 170.39 points or -0.55% at 30,952.50 during the opening session on Friday. Meanwhile, the broader Nifty 50 dropped 43.85 points or -0.48% at 9,098.90.
However, at 9.09 am, during the opening session, Sensex rallied by 173.39 points or +0.56% at 31,296.28 while Nifty 50 rallied 39.65 points or 0.43% at 9,182.40.
The top gainers were ONGC, Tata Steel, Bharti Airtel, Titan, HDFC, L&T, Nestle India, NTPC, Reliance, Hindustan Lever; while Asian Paint, Power Grid, Bajaj Finance, Sunpharma, SBIN, Kotak Bank, Bajaj Auto were among those in red on the Bombay Stock Exchange.
According to market experts, investors fear that Finance Minister Nirmala Sitharaman's recent announcements on the Rs 20-lakh-crore economic package may not boost demand immediately, and hence economic revival would not take place any time soon.
Besides, uncertainty over the effectiveness of the fiscal stimulus package, the spike in COVID-19 cases in the country weighed on investor sentiment, experts noted.
In the previous session, the BSE barometer settled 885.72 points or 2.77 per cent lower at 31,122.89, while the broader Nifty tanked 240.80 points, or 2.57 per cent, to close at 9,142.75.
Meanwhile, the number of COVID-19 cases in India climbed to 81,970, while the death toll rose to 2,649, according to the health ministry.
Globally, the number of cases linked to the disease has crossed 44.43 lakh and the death toll has topped 3.02 lakh.
