Indian equities slide on negative global cues

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Mumbai, March 22 (IANS) Indian equity markets on Wednesday slipped on the back of negative global cues and heavy selling pressure in automobile, consumer durables and banking stocks.

Both the key indices provisionally closed with losses of around one per cent each. The NSE Nifty closed below the psychologically important 9,100-level.

Growing concerns over US President Donald Trump’s ability to implement his economic policies spooked the global markets.

The US stocks slipped over one per cent on Tuesday, following which almost all major Asian indices traded in the red on Wednesday. The European markets, too, opened on a lower note.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 91.05 points or one per cent to 9,030.45 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,341.41 points, provisionally closed at 29,167.68 points (at 3.30 p.m.) — down 317.77 points or 1.08 per cent from the previous close at 29,485.45 points.

The Sensex touched a high of 29,341.41 points and a low of 29,137.48 points during the intra-day trade.

The BSE market breadth was quite bearish — with 1,826 declines and 982 advances.

On Tuesday, substantial inflows of foreign funds and a strong rupee aided the key Indian indices to pare some of their losses and close on a flat-to-negative note.

–IANS

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