Profit booking dents equity markets

Mumbai, May 18 (IANS) Profit booking, coupled with negative Asian indices and disappointing quarterly results, pushed the Indian equity markets down on Wednesday.

This led the key indices to trade in the red during the mid-afternoon trade session, as heavy selling pressure was witnessed in automobile, banking and information technology (IT) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged lower by 36.35 points or 0.46 percent, at 7,854.40 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,671.48 points, traded at 25,604.83 points (at 2.00 p.m.) — down 168.78 points or 0.65 percent from the previous close at 25,773.61 points.

The Sensex has so far touched a high of 25,697.58 points and a low of 25,503.40 points during the intra-day trade.

The BSE market breadth favoured the bears with 1,287 declines and 1,122 advances.

Both the key indices ended on a higher note during the previous trade session on Tuesday, as positive global indices, along with higher crude oil prices and expectations of better quarterly results lifted prices.

The barometer index on Tuesday gained 120.38 points or 0.47 percent, while the NSE Nifty had risen by 30 points or 0.38 percent.

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