Equity markets trade flat, banking stocks slip

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Mumbai, June 20 (IANS) The Indian equity markets traded on a flat note with marginal losses during the mid-afternoon trade session on Tuesday as investors booked profits and banking stocks witnessed selling pressure.

However, positive European markets and healthy buying in consumer durables, oil and gas and IT stocks limited the downside.

Around 1 p.m., the wider Nifty of the National Stock Exchange (NSE) traded at 9,652.35 points — down 5.20 points or 0.05 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,392.53 points, traded at 31,293.25 points — down 18.32 points or 0.06 per cent, from its previous close at 31,311.57 points.

The Sensex has so far touched a high of 31,392.53 and a low of 31,288.37 points.

The BSE market breadth was bearish – with 1,319 declines and 1,147 advances.

“Banking stocks came under pressure after Punjab announced a farm loan waiver. Top gainers in the NSE were TataPower, TataMotors, IOC and ICICI Bank while top losers were Lupin, HDFC, Eichermotors and Gail,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

On Monday, the benchmark indices surged, cheered by positive global cues and healthy buying in banking, metal and capital goods stocks.

The Sensex closed at a new high of 31,311.57 points while Nifty rose by 69.50 points or 0.72 per cent to close at 9,657.55 points.

–IANS

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