MUMBAI: Diminishing hopes of an interest rate cut, coupled with caution over the third quarter results and thin volumes, depressed Indian equity markets during volatile trade on Thursday.
Consequently, a barometer index provisionally closed the day's trade down 81 points.
The bellwether indices of the Indian equity markets receded after a key macro-economic data showed an acceleration in inflation trends.
The rise in wholesale price index (WPI) diminished hopes of a rate cut by the country's apex bank and subdued investors' sentiments.
Caution over the third quarter (Q3) results season, long-liquidation positions and sliding Asian markets, too, dented sentiments.
Initially, both the bellwether indices opened deep in the red, following lower closing of the US markets on Wednesday and a further plunge in oil prices.
However, both indices soon pared their initial losses as healthy Q3 results, recovering European markets and short-covering restored investors' risk-taking appetite.
Value buying at lower levels, which was prompted by attractive prices, supported the markets' upward movement.
The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed lower by 81 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) ended the day's trade in the red -- down by 19 points or 0.24 percent at 7,543.90 points.
The S&P BSE Sensex, which opened at 24,606.20 points, provisionally closed at 24,772.97 points (at 3.30 p.m.) -- down 81.14 points or 0.33 percent from the previous day's close at 24,854.11 points.
The Sensex touched a high of 25,018.46 points and a low of 24,473.22 points during the intra-day trade.
The S&P BSE market breadth favoured the bears -- with 1,861 declines and 823 advances.