The Indian equity benchmark indices opened lower on Thursday tracking weakness in Asian peers on worries over extended global economic slowdown amid second wave of virus infections. The market failed to cheer the economic package announced by Finance Minister Nirmala Sitharaman over weak global sentiment.

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The Sensex opened 542.28 points or 1.69 percent lower at 31,466.33, while the Nifty50 index opened at 9,213.95, down 169.60 points or 1.81 percent.

Finance Minister Nirmala Sitharaman on Wednesday unveiled stimulus measures for small businesses, NBFCs, power companies and real estate sectors to combat the economic damage caused by the novel coronavirus pandemic

However, global risk appetite dampened after the US Federal Reserve Chairman Jerome Powell warned of an "extended period" of weak economic growth while vowing to use the US central bank's power as needed and calling for additional fiscal spending to stem the fallout from the pandemic.

Broader indices Nifty Smallcap100 and Nifty Midcap100 indexes were also trading with losses of 0.66 percent and 0.22 percent, respectively.

Among sectoral indices, selling was witnessed in Nifty IT, Nifty PSU Bank, Nifty Auto, Nifty Metal and Nifty Realty while Nifty Pharma and Nifty FMCG were trading in the green.

Infosys, Tata Motors, Tech Mahindra, Wipro and Hindalco Industries led the decline among Nifty50 constituents while Bajaj Finance, ZEEL, Nestle India, Cipla and Sun Pharmaceuticals Industries were the top index gainers.

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