Global cues, selling pressure subdue Indian equities

Mumbai, March 7 (IANS) Indian equity markets traded on a negative note during the mid-afternoon trade session on Tuesday as negative global cues and heavy selling pressure witnessed in metal, banking and healthcare stocks subdued investors’ sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 19.25 points or 0.21 per cent, to 8,944.20 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,092.16 points, traded at 28,989.99 points (at 1.30 p.m.) — down 58.20 points or 0.20 per cent from the previous close at 29,048.19 points.

The Sensex has so far touched a high of 29,098.17 points and a low of 28,957.68 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,570 declines and 1,080 advances.

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

“Banking, pharma, auto, oil-gas, textile and telecom sector stocks faced resistance at higher levels and traded with mixed sentiments,” Desai said.

“Media-entertainment and power sector stocks traded with firm sentiments due to buying support, whereas aviation, FMCG and cement sector stocks traded with mixed sentiments due to profit booking.”

On Monday, the benchmark indices surged to their new closing-high levels in the last 24 months as investors’ sentiments were buoyed after a major breakthrough was achieved on the modalities of implementing the Goods and Services Tax (GST).

The NSE Nifty gained 65.90 points, or 0.74 per cent, to close at 8,963.45 points, and the BSE Sensex was up 215.74 points or 0.75 per cent at 29,048.19 points.