Indian benchmark indices erased early gains to trade lower on Friday afternoon as sentiment weakened after the Economic Survey 2020 forecast India's GDP growth in the range of 6 percent to 6.5 percent in the fiscal year 2020-21.

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Investors also remained cautious ahead of the Union Budget that will be presented on Saturday.

At 01:05 pm, the Sensex fell 61.59 points or 0.15 percent to 40,852.23, and the Nifty declined 29.75 points or 0.25 percent to 12,006.05.

The Indian economic growth is expected to pick up in the second half of FY20 and a strong rebound could be seen in FY21 on a low base, according to the Economic Survey document.

Among sectors, Nifty Metals, Nifty IT, Nifty Pharma and Nifty Auto fell the most while Nifty Bank, Nifty Realty and Nifty Financial Services traded in the green.

Broader indices, Nifty Midcap100 and Nifty Smallcap100, also traded marginally lower.

Oil and Natural Gas Corporation, PowerGrid Corporation, Indian Oil Corporation (IOC), Tata Motors and Bharat Petroleum Corporation were the Nifty50 top losers while Kotak Mahindra Bank, IndusInd Bank, Bajaj Auto, Hero MotoCorp and Bharti Infratel remained the top gainers.

Shares of Kotak Mahindra Bank rallied 5 percent after it decided to cap the promoters' voting rights to 15 percent from April 1 onwards, ending its long ongoing feud with the Reserve Bank of India (RBI) over promoter shareholding. The scrip gained 5.64 percent and touched intraday high of Rs 1,720 apiece on the BSE.

IOC share price shed more than 3 percent on January 31 despite the company posted a 315 percent jump in its third-quarter standalone net profit at Rs 2,339 crore against Rs 563.4 crore in the previous quarter.

The share price of Dabur India added 2 percent after it posted in-line numbers for the quarter ended December 2019 with consolidated net profit rising 8.9 percent at Rs 400 crore. Credit Suisse has maintained an outperform rating on the stock and has raised the target to Rs 540 from Rs 520 per share.

Globally, Asian share markets fought to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and mounting deaths.

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First Published:Jan 31, 2020 1:14 PM IST