The benchmark BSE Sensex narrowed its initial losses and was down 16 points in morning trade today due to mild selling in refinery sector stocks on the back of weak Asian cues.
ONGC and Reliance Industries (RIL) dropped 3.56 per cent and 3.01 per cent, respectively in the wake of Election Commission ordering deferment of an increase in gas prices that was to take effect from April 1, 2014.
According to experts, stock markets could remain volatile this week as traders roll over positions in the futures & options (F&O) segment due to the expiry of near-month March contract on Thursday.
The Sensex resumed lower at 21,948.31 and hovered in a range of 22,047.99 and 21,916.87 before quoting at 22,039.03 at 1000 hours, showing a loss of 16.45 points, or 0.07 per cent, from its last close.
The NSE 50-share Nifty also eased by 0.50 points, or 0.01 per cent, to 6,583.00 at 1000 hours.
Other losers were Wipro (0.99 per cent), Tata Motors (0.75 per cent), Hindalco (0.74 per cent), Coal India (0.55 per cent) and TCS (0.48 per cent).
Asian stocks were mostly lower in early trade as data showed a slowdown in US manufacturing and investors weighed the prospect of a recession in Russia.
Key benchmark indices in Hong Kong, Singapore, Japan and South Korea were off by 0.18-0.38 per cent while indices in Taiwan and China rose 0.02-0.59 per cent.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1465.62 crore yesterday, as per provisional data from the stock exchanges.
