Indian shares opened modestly higher on Friday, shrugging off weak global cues after a report from Bloomberg said U.S. President Donald Trump intends to move ahead with plans to impose tariffs on $200 billion in Chinese imports as early as next week.
Trump also threatened to pull out from the World Trade Organization and called European trade policies "almost as bad as China," raising fresh worries over trade friction.
Investors kept an eye on oil and rupee movements as well as GDP data for the April-June quarter due later today for directional cues.
The benchmark BSE Sensex was down 139 points or 0.36 percent at 38,829 in early trade while the broader Nifty index was up 41 points or 0.35 percent at 11,717.
The rupee fell further by 26 paise to breach the 71 mark against the dollar for the first time ever in history.
JSW Steel rose 0.3 percent after ICRA upgraded its long-term ranking.
Idea Cellular rallied 3 percent after the National Company Law Tribunal approved its merger with Vodafone India.
Yes Bank tumbled 4 percent. The RBI has approved re-appointment of Rana Kapoor as the bank CEO till further notice.
Fortis Healthcare edged up slightly after its CFO Gagandeep Singh Bedi resigned due to personal reasons.
ICICI Bank gained half a percent after the bank reappointed Chanda Kochhar on the board of ICICI Securities.
Muthoot Finance was slightly higher on fund raising reports.
Dilip Buildcon rose over 1 percent after a new order win.
JSW Energy advanced 1.8 percent after it revised offer for Prayagraj Power to over Rs 6,000 crore.