Indian equities pulled lower by negative global cues

Mumbai, March 3 (IANS) Broadly negative global cues, coupled with a weak rupee and heavy selling pressure witnessed in automobile, banking and capital goods stocks, pulled the Indian equities markets lower in the mid-afternoon trade session on Friday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched lower by 29 points or 0.33 per cent, to 8,870.75 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,827.50 points, traded at 28,747.84 points (at 1.30 p.m.) — down 91.95 points or 0.32 per cent from the previous close at 28,839.79 points.

The Sensex has so far touched a high of 28,847.97 points and a low of 28,716.21 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,519 declines and 1,147 advances.

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

“IT and bank sector stocks traded with mixed sentiments while pharma sector stocks traded with firm sentiments due to buying support at lower levels from traders,” Desai said.

“Auto, oil-gas, textile and FMCG sector stocks traded with mixed sentiments due to profit booking, while aviation, media-entertainment and power sector stocks traded with sideways to firm sentiments.”

On Thursday, the benchmark indices were subdued as heavy selling pressure was witnessed in banking, healthcare, and oil and gas stocks.

The NSE Nifty slipped by 46.05 points or 0.51 per cent to close at 8,899.75 points, and the barometer BSE Sensex was down 144.70 points or 0.50 per cent at 28,839.79 points.

–IANS

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