Mumbai, Aug 10 (IANS) The key Indian equity indices — the BSE Sensex and the NSE Nifty50 — tumbled for the fourth consecutive session on Thursday on the back of negative global cues and heavy selling pressure in automobile, capital goods and banking stocks.
According to market observers, investors booked profits ahead of quarterly results announcements of major companies like Bharat Heavy Electricals (BHEL), GAIL and Adani Power, among others.
During the mid-afternoon session, the NSE Nifty50 of the National Stock Exchange (NSE) traded below the psychologically important 9,900-level, which was breached on July 14.
Around 1.05 p.m., the Nifty50 traded lower by 46.15 points or 0.47 per cent at 9,861.90 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,750.73 points, traded at 31,644.86 points — down 152.98 points, or 0.48 per cent from its previous close at 31,797.84 points.
The Sensex has so far touched a high of 31,756.27 points and a low of 31,588.26 points during the intra-day trade.
The BSE market breadth was skewed in favour of bears — with 1,749 declines and 609 advances.
“Indian equities extended losses for the fourth straight session taking lead from Asian markets, which traded in negative, following lower closing on the Wall Street. Back home, investors will keep an eye on any development on the Sebi’s decision to restrict trading in 331 shell firms,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Result calendar for companies like BHEL, GAIL, Petronet LNG, Bharat Forge, IOB, Adani Power, Union Bank Coffee Day Enterprises, GSPL and Gujarat Gas are among 340 companies scheduled to report their June quarter earnings later today. Top gainers on the NSE were Auropharma, Tech Mahindra and Lupin, while the losers for morning trade were Tata Motors DVR, Tata Motors and Eicher Motors,” Desai added.
On Wednesday, the benchmark indices closed on a subdued note as sentiments were hampered by weak global markets on the back of geo-political tensions and outflow of foreign funds.
The NSE Nifty50 closed 70.50 points or 0.71 per cent lower at 9,908.05 points, while the Sensex closed at 31,797.84 points — down 216.35 points, or 0.68 per cent.