Caution ahead of macro-data release suppresses equities

Mumbai, Feb 28 (IANS) Caution ahead of the release of major domestic macro-economic data points, coupled with broadly negative Asian indices and a weak rupee, suppressed the Indian equities markets during the mid-afternoon trade session on Tuesday.

The second advance estimates of national income, 2016-17, along with the estimates of Gross Domestic Product for the third quarter of 2016-17 and the Index of ECI (eight core industries) figures for January are slated to be released later on Tuesday.

The key indices traded in the red, as heavy selling pressure was witnessed in oil and gas, automobile and banking stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 21.25 points or 0.24 per cent to 8,875.45 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,825.19 points, traded at 28,760.99 points (at 1.30 p.m.) — down 51.89 points or 0.18 per cent from the previous close at 28,812.88 points.

The Sensex has so far touched a high of 28,876.54 points and a low of 28,729.52 points during the intra-day trade.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to profit booking.

“IT, banking, auto, oil-gas and cement sector stocks traded with mixed sentiments, while pharma, textile, FMCG, media-entertainment and power sector stocks traded firm due to buying support,” Desai added.

On Monday, the benchmark indices ended lower on the back of negative global cues and outflow of foreign funds.

The NSE Nifty edged down by 42.80 points or 0.48 per cent to close at 8,896.70 points, and the BSE Sensex fell by 80.09 points or 0.28 per cent to 28,812.88 points.