Negative global cues depress equity markets

Mumbai, Nov 15 (IANS) Broadly negative global cues, along with rupee depreciation depressed the Indian equity markets during the early morning trade session on Tuesday.

Investors’ risk taking appetite was eroded after last week’s surprise victory of Republican Donald Trump in the November 8 US Presidential election, along with a sudden move by the government to demonetise Rs 500 and Rs 1,000 currency notes.

The market participants were also cautious as India’s Central Statistics Office (CSO) is expected to release the macro inflation data points – Consumer Price Index (CPI) for September.

The CPI data will be followed by the release of Wholesale Price Index (WPI) by the Ministry of Commerce and Industry.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) plunged by 99.05 points or 1.19 per cent to 8,197.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,809.61 points, traded at 26,481.53 points (at 9.40 a.m.) — down 337.29 points or 1.26 per cent from the previous close at 26,818.82 points.

The Sensex has so far touched a high of 27,809.61 points and a low of 26,460.23 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bears — with 1,596 declines and 341 advances.

On November 11, the Indian equity markets had plunged to their lowest levels in around four months, as heavy selling pressure forced the key indices lower by 2.5 per cent each.

The barometer index had closed below the 27,000-mark. It declined by 698.86 points or 2.54 per cent to 26,818.82 points. The NSE Nifty receded by 229.45 points or 2.69 per cent, to 8,296.30 points.

–IANS

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