Indian equity markets gave up gains in early trade to turn negative on Friday. Banking and financial stocks weighed on the indices, despite a bounce back in the crude prices and overseas stocks.
The benchmark S&P BSE Sensex traded in red - 340 points or 1.2 per cent, at 27,920 levels while the Nifty50 index was down 105 points, or 1.08 per cent, at 8,160 level.
On Thursday, crude oil prices posted a biggest-one day gains after US President Donald Trump said he expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels.
Despite reports of historic jobless claims, with roughly 6.6 million Americans filing for unemployment, domestic stocks rose during regular trading. The Dow Jones Industrial Average climbed 2.24 per cent, the S&P 500 gained 2.28 per cent, while the Nasdaq Composite added 1.72 per cent.
Asian markets also gained on the back of Wall Street’s overnight gains. Japan's Nikkei traded 0.7 per cent higher in the early trade.
Meanwhile, many new cases of coronavirus infections have been reported across the country, which witnessed a spike in the confirmed cases tally. The death toll now stands at 53 according to the health ministry. Over 2069 positive cases have been reported so far.
Over 150 people have recovered from the pandemic and been sent home from hospitals.