Bearish global cues dent equity markets
Mumbai, July 5 (IANS) Bearish global cues, combined with profit booking, subdued the Indian equity markets on Tuesday.
Consequently, the key indices of the Indian equity markets traded in the red during the mid-afternoon session.
Heavy selling pressure was witnessed in automobile, banking and consumer durables stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) declined by 43.50 points or 0.52 per cent, at 8,327.20 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,340.72 points, traded at 27,145.17 points (at 2.10 p.m.) — down 133.59 points or 0.49 per cent from the previous close at 27,278.76 points.
The Sensex has so far touched a high of 27,348.66 points and a low of 27,137.53 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bears — with 1,513 declines and 1,130 advances.
Both the key Indian indices had ended on a higher note during the previous trade session on Monday to reach their new 2016 closing high levels.
The barometer index had edged up 133.85 points or 0.49 per cent to 27,278.76 points, while the NSE Nifty gained by 42.35 points or 0.51 per cent to 8,370.70 points.
“Nifty opened down (Gap down) tracking bearish global cues and is currently trading with losses,” Dhruv Desai, Director and Chief Operating Officer, told IANS.
“IT and pharma sector stocks traded down on profit booking while banking stocks traded with mix sentiments on some buying support at lower levels.”
According to Nitasha Shankar, Senior Vice President for Research with YES Securities, Indian markets traded in the red following six days of sharp ascend which indicated a minor pause and consolidation.
“Midcap and Smallcap indices; however, continued to rise. Market breadth fluctuated between the Bulls and Bears.”