Equity indices trade flat on negative global cues

Mumbai, July 8 (IANS) Negative global cues and profit booking dragged the key Indian equity markets lower on Friday.

The equity markets traded flat — marginally in the red — during the mid-afternoon session, as heavy selling pressure was witnessed in capital goods, banking and oil and gas stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 18.65 points or 0.22 per cent, at 8,319.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,292.20 points, traded at 27,122.85 points (at 1.15 p.m.) — down 78.64 points or 0.29 per cent from the previous close at 27,201.49 points.

The Sensex has so far touched a high of 27,294.82 points and a low of 27,034.14 points.

The BSE market breadth was tilted in favour of the bears — with 1,439 declines and 1,022 advances.

On Thursday, the benchmark indices closed flat — marginally in the green — after a volatile trading session induced by profit booking.

“Nifty opened with marginal losses tracking negative global cues. It traded down from its previous day’s close,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“IT (information technology) and banking sector stocks are facing profit booking at higher levels, while most auto and pharma sector stocks are trading firm on fresh buying support.”

According to Nitasha Shankar, Senior Vice President for Research with YES Securities, broader markets, too, traded with weakness in line with the headline indices.

“Midcap and smallcap indices traded lower. Pharma, auto and IT indices traded with gains,” Shankar noted.

“PSU bank, FMCG (fast moving consumer goods), realty and metal indices traded in the red.”

–IANS

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