Profit booking drags equity markets lower

Mumbai, Aug 10 (IANS) Profit booking, along with negative global cues and caution over upcoming quarterly results, dragged the Indian equity markets lower on Wednesday.

Consequently, both the key indices provisionally closed the day’s trade in the red as heavy selling pressure was witnessed in automobile, banking and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged lower by 107.90 points or 1.24 per cent to 8,570.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,133.36 points, provisionally closed at 27,7774.88 points (at 3.30 p.m.) — down 310.28 points or 1.10 per cent from the previous close at 28,082.16 points.

The Sensex touched a high of 28,143.28 points and a low of 27,736.62 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bears — with 1,899 declines and 829 advances.

On Tuesday, the benchmark indices had closed in the red due to profit booking and disappointment over the Reserve Bank of India’s (RBI) decision to maintain its key lending rates during the monetary policy review.

The barometer index had slipped by 97.41 points or 0.35 per cent, while the Nifty fell by 33.10 points or 0.38 per cent.

–IANS

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