Selling pressure subdues Indian equities

Mumbai, Feb 21 (IANS) Indian equities markets traded on a flat-to-negative note during the mid-afternoon trade session on Tuesday as selling pressure was witnessed in Teck (technology, media and entertainment), telecom and IT stocks.

Besides, broadly negative Asian indices and caution ahead of derivatives expiry subdued investors’ sentiments.

The key indices, which opened on a flat note, traded marginally in the red on the back of profit booking.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 13.85 points or 0.16 per cent to 8,865.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,716.70 points, traded at 28,625.37 points (at 1.30 p.m.) — down 36.21 points or 0.13 per cent, from the previous close at 28,661.58 points.

The Sensex has so far touched a high of 28,726.10 points and a low of 28,597.33 points during the intra-day trade.

In contrast, the BSE market breadth was marginally tilted in favour of the bulls — with 1,456 advances and 1,192 declines.

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

“IT sector stocks faced resistance at higher levels, while banking, pharma, auto, oil-gas and FMCG stocks traded with mixed sentiments due to profit booking,” Desai said.

“However, textile, aviation, media-entertainment and cement stocks traded with firm sentiments due to buying support, although power sector stocks traded with bearish sentiments.”

On Monday, the benchmark indices close at fresh highs on expectations of a share buy-back offer from a large IT major and a strong rupee.

The NSE Nifty rose by 57.50 points or 0.65 per cent to close at 8,879.20 points, and the BSE Sensex was up 192.83 points or 0.68 per cent at 28,661.58 points.