Equity markets slip on weak global cues, auto stocks plunge

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Mumbai, May 18 (IANS) After three consecutive days of record highs during the week, the Indian equity markets slipped on Thursday tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks.

According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar, which will finalise tax slabs on services and commodities in the country.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell below its important psychological level of 9,500 points to provisionally close at 9,420.90 points — down 104.85 points or 1.10 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE shed 252.29 points or 0.82 per cent to provisionally close at 30,406.48 points (at 3.30 p.m.).

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The Sensex touched a high of 30,575.83 points and a low of 30,393.72 points during intra-day trade.

The BSE market breadth was bearish — with 2,043 declines and 702 advances.

On Wednesday, the BSE Sensex closed at a new high of 30,658.77 points after an intra-day high of 330,692.45 points, and the NSE Nifty at a new high of 9,525.75 points with an intra-day high of 9,532.60 points.



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