The NSE Nifty 50 index rose 0.07% to 17,976.5 by 0355 GMT, while the S&P BSE Sensex edged up 0.09% to 60,350.29.
India on Thursday increased taxes on fuel exports after cutting them just over two weeks ago, and reduced a one-off tax on locally produced crude oil, according to a government notification.
Shares of oil-telecoms conglomerate Reliance Industries Ltd fell 0.6%.
Oil producer Oil and Natural Gas Corp and miner Vedanta Ltd rose 1.3% and 0.5% respectively.
The Nifty IT index rose almost 1%, while the Nifty Bank index fell 0.26%.
Asian stocks were left in limbo, while the U.S. dollar raced as clouds of recession hung over Europe, underscoring the relative outperformance of the U.S. economy. [MKTS/GLOB]
MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 0.3%, and Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better with a 0.3% gain due in part to a further drop in the yen.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Dhanya Ann Thoppil)