The NSE Nifty 50 index was up 0.07% at 17,976.5 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 scrapped a one-time tax on locally produced crude oil, according to a government notification.
Shares of oil 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 nearly 1%, while the Nifty Bank index fell 0.26%.
Asian equities remained in limbo, while the US dollar surged as clouds of recession hung over Europe, underscoring the relative outperformance of the US economy. [MKTS/GLOB]
MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 0.3%, and Chinese blue chips remained flat, while South Korea lost 0.5%. The Japanese Nikkei fared better with a 0.3% gain partly due to a further decline in the yen.