Equity benchmark indices traded with thin margins during early hours on Thursday with metal stocks gaining substantial ground.
Market experts said the interplay of a resurgence in Covid-19 cases and pace of vaccination will decide the trajectory of economic recovery and market behaviour going forward
At 10:15 am, the BSE S&P Sensex was up by 41 points or 0.09 per cent at 48,719 while the Nifty 50 ticked higher by 29 points or 0.2 per cent to 14,647.
Sectoral indices at the National Stock Exchange were mixed with Nifty metal up by 2.4 per cent, auto by 1.5 per cent and pharma by 1.1 per cent.
Among stocks, Tata Steel moved up by 4.3 per cent to Rs 1,116.95 per share after reporting a consolidated profit of Rs 6,644 crore in Q4 as compared to a loss of Rs 1,481 crore in the year-ago quarter.
JSW Steel was up by 2 per cent and Hindalco by 1.7 per cent. Bajaj Auto rose by 2.2 per cent, Hero MotoCorp by 1.8 per cent, Eicher Motors by 1.4 per cent and Maruti Suzuki by 1.6 per cent.
However, those which lost were UPL, HCL Technologies, Hindustan Unilever, IndusInd Bank, SBI Life and Asian Paints.
Meanwhile, Asian shares rose as investors switched to cyclicals amid hopes of a strong economic recovery.
MSCI's broadest index of Asia Pacific shares outside Japan rose 0.25 per cent and Japan's Nikkei jumped 1.8 per cent as it reopened after a five-day holiday.