Bearish global cues dent equity markets

Mumbai, July 5 (IANS) Bearish global cues, combined with profit booking, subdued the Indian equity markets on Tuesday.

Consequently, the key indices traded in the red during the late-afternoon session.

Heavy selling pressure was witnessed in automobile, banking and information technology (IT) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) declined by 37.45 points or 0.45 per cent, at 8,333.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,340.72 points, traded at 27,180.93 points (at 3.00 p.m.) — down 97.83 points or 0.36 per cent from the previous close at 27,278.76 points.

The Sensex has so far touched a high of 27,348.66 points and a low of 27,127.30 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,485 declines and 1,205 advances.

Both the key Indian indices had ended on a higher note during the previous trade session on Monday to reach their new 2016 closing high levels.

The barometer index had edged up 133.85 points or 0.49 per cent to 27,278.76 points, while the NSE Nifty gained by 42.35 points or 0.51 per cent to 8,370.70 points.

“Nifty currently trading down by around 0.50 per cent on profit booking at higher levels from traders,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“IT, banking, pharma and auto sector stocks are facing selling pressure while oil sector stocks are also facing profit booking at higher levels. Firm USD/INR futures prices also pressurising the Nifty price movement.”

–IANS

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