The market opened on a choppy note on Thursday ahead of the expiry of monthly derivatives amid rising Covid cases and a negative trend in Asian markets.

After opening on a positive note, Sensex slid into the red to trade 67.33 points or 0.13 per cent lower at 50,950.19, and the broader NSE Nifty dropped 11.20 points or 0.07 per cent to 15,290.25.

With more than 1 per cent fall, Asian Paints was the top loser in the Sensex pack, followed by Bajaj Finserv, Bajaj Finance, IndusInd Bank, HUL, and Maruti.

Tech Mahindra, TCS, Titan and HCL Tech were among the gainers.

In the previous session, the 30-share BSE index closed 379.99 points or 0.75 per cent higher at 51,017.52, and Nifty rose 93 points or 0.17 per cent to finish at 15,301.45.

According to provisional exchange data, foreign institutional investors (FIIs) were net buyers in the capital market on Wednesday, buying shares worth Rs 241.60 crore.

"Domestic equities look to be flat as of now. With the market cap of domestic equities crossing $3 trillion and market-cap to GDP over 110 per cent, there is apprehension among investors about the sustainability of the market rally," said Binod Modi, Head, Strategy at Reliance Securities.

The market is volatile, according to traders, ahead of the expiration of monthly futures and options (F&O) contracts.

The market optimism was fueled by a continuous reduction in fresh Covid infections last week. But a single day rise of 2,11,298 Covid-19 cases was registered on Thursday with 3,847 fatalities. The daily positivity remained below 10 per cent at 9.79 per cent for three consecutive days.

In early trade, the rupee opened on a flat note, rising 4 paise to 72.73 against the US dollar because of the Covid spike.

Modi stated that US equities recorded modest gains led by a rebound in growth stocks as the recent retreat in bond yields brought investors’ focus back to growth stocks like technology.

In other Asian markets, bourses in Hong Kong, Seoul, and Tokyo were trading negatively in mid-session trades, while Shanghai was up.

Brent crude, the international oil benchmark, was trading 0.73 per cent down at $68.23 per barrel.