Global cues, weak rupee subdue equity indices

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Mumbai, Aug 24 (IANS) Decline in the global markets coupled with a weak rupee subdued the Indian equity market on Friday, with both the S&P BSE Sensex and NSE Nifty50 trading on a flat-to-negative note during the afternoon session.

Heavy selling pressure was witnessed in banking stocks and the S&P BSE banking index has lost over 200 points so far.

Volatility prevailed in the domestic and global markets as China and the US could not make a major breakthrough in their recent round of talks and the trade war escalated in Thursday as both the countries enforced 25 per cent tariffs on $16 billion worth of each other’s goods.

At 12.05 p.m., the Nifty50 on the National Stock Exchange traded at 11,569.85 points, lower by 12.90 points or 0.11 per cent from its previous close of 11,582.75 points.

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The benchmark S&P BSE Sensex which had opened at 38,366.79 points, traded at 38,290.72 points, lower by 46.04 points or 0.12 per cent from the previous close of 38,336.76 points.

So, far it has touched an intra-day high of 38,429.50 points and a low of 38,249.35 points.

The top gainers on the Sensex were ONGC, Power Grid, Wipro, Vedanta and Asian Paints while Yes Bank, ICICI Bank, Sun Pharma, Hero MotoCorp and IndusInd Bank lost the most.

–IANS

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