Indian equities subdued on negative global cues

Mumbai, March 27 (IANS) Negative global cues subdued the Indian equity markets during the mid-afternoon trade session on Monday.

The global markets were spooked as US President Donald Trump’s failure to overturn his predecessor’s healthcare reforms increased concerns over his ability to implement economic policies.

Following this, the US futures markets and the dollar, as well as the Asian markets fell to lower levels.

The key Indian indices traded in the red — with losses of more than half a per cent each — — as heavy selling pressure was witnessed in metal, automobile, and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded below the 9,100-mark — down 81.15 points or 0.89 per cent at 9,026.85 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,395.68 points, traded at 29,181.24 points (at 12.45 p.m.) — down 240.16 points or 0.82 per cent from the previous close at 29,421.40 points.

The Sensex has so far touched a high of 29,420.70 points and a low of 29,163.54 points during the intra-day trade.

The BSE market breadth was bearish — with 1,406 declines and 1,053 advances.

“After witnessing firm closing in the last trading session (on Friday), today the Nifty opened on a negative note tracking negative global cues. It is currently facing heavy selling pressure,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Most sector stocks traded with negative bias due to selling pressure. However, aviation sector stocks traded with firm sentiments tracking bearish crude oil prices,” Desai noted.

“USD/INR futures prices also faced selling pressure at present.”

Last week, healthy buying in banking stocks and a strong rupee pushed the Indian equity markets higher.

The NSE Nifty rose by 21.70 points or 0.24 per cent to close at 9,108 points, while the Sensex closed at 29,421.40 points — up 89.24 points or 0.30 per cent.

–IANS

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