The 30-share BSE Sensex was down 84.87 points at 29,842.47 and the 50-share NSE Nifty fell 29 points to 9,232.95.
The Indian rupee touched 19-month high of 64.37 against the US dollar, up 14 paise as dollar weakened further amid geopolitical tensions. Oil prices surged more than 2 percent.
Telecom, infra, auto and select banks stocks gained strength whereas Reliance Industries, HDFC and ITC remained under pressure.
ICICI Securities believes Indian equity will trade above long term average and a sharp correction in Nifty is unlikely anytime soon as FPI flows are expected to persist and DII flows are expected to remain robust.
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