The Indian equity market traded volatile after starting on a flat note on Thursday, tracking weak Asian cues as fears of slowdown in China overwhelmed investor sentiment after tech giant Apple cut its December revenue outlook citing sluggish iPhone sales in the country.

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Domestic sentiment favoured caution ahead of the onset of corporate earnings seasons next week, while volatility in the rupee aided by uptick in crude oil prices kept energy and financial shares under pressure.

At 9.44 am, the Sensex traded marginally up by 24 points, or 0.07 percent, at 35,915. The 30-share BSE index started at 35,867, down by 24 points, or 0.07 percent. The Nifty was in the red, trading at 10,787, down by 5.50 points, but recovered slightly from its initial trend.

MidCaps outperformed with the Nifty MidCap up by more than half a percent. The BSE MidCap also surged by 0.45 percent.

The Nifty Bank was mildly down by 0.08 percent, while most other sectoral indexes traded mostly lower. At 9.48 am, BSE FMCG was leading the 20 advancing sectors. Nifty PSE was the weakest among 22 declining sectors, which also included energy and metal indices.

Sun Pharma, Bharti Infratel, TCS, Asian Paints and Infosys gained in early trade, while Eicher Motors, JSW Steel, Tata Steel, Vedanta and M&M dipped.

Dena Bank shares tanked 19 percent and Vijaya Bank shares dipped 6 percent on unfavourable share swap ratio as part of the merger deal, however, Bank of Baroda shares went up by 3 percent.

Vodafone Idea shares slipped 3 percent as the company lost 7.4 million users in October. Only Reliance Jio and BSNL have gained subscribers during the period.

Adani Gas shares gained 2 percent as the company raised CNG, PNG prices in Ahmedabad, Vadodara.

In currency market, the Indian rupee extended previous day’s selloff

and opened lower against the greenback on Thursday, amid strengthening of the US dollar. The home currency opened at 70.30.

Japanese markets remain closed on account of New Year holiday, but Hong Kong's Hang Seng index fell 0.3 percent at 9.30 am IST. South Korea's Kospi also slipped by 0.13 percent.

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Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.