Indian markets started on a weak note on Thursday with the BSE Sensex being down over 1,000 points in early trade. Except Maruti, all other companies in the 30-share index were in the red till 9.49 am.
While Titan was the biggest loser, down over 4 per cent, Tata Steel and HCL Tech were down over 3 per cent.
Slow recovery began around 9.57 am when some of the banking counters like Axis Bank, Kotak Mahindra and IndusInd started to gain.
Market Mood Index (MMI) Ticker Tape, which reflects the sentiment among investors, indicated that the mood switched to fear from greed, a week ago. Greed reflects a drive to invest more while fear means investors are being cautious and waiting.
The MMI is now bracing for 'extreme fear'.
Over one week, Nifty gave negative returns. It has been down over 5 per cent.
Indices suffered deep losses over the past week, erasing all the gains clocked this year, after prospects of tighter monetary policy and tensions between the West and Russia over Ukraine triggered a sell-off.
On Thursday, Asian shares hit a more than 14-month low, after Fed chairman Jerome Powell on Wednesday said that with inflation high, the central bank this year plans to steadily clamp down on credit.
(With agency inputs)
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