Bearish global markets, coupled with disappointing macro-data and caution over the third quarter results, subdued Indian equity markets on Friday with a barometer index provisionally closing 318 points in the red.
Initially, both the bellwether indices opened on a firm note, following higher closing of the US markets on Thursday and value buying at lower levels.
However, both indices soon ceded their initial gains due to bearish Asian markets, lack of fresh triggers and caution over Q3 results.
Besides, the bellwether index receded after Thursday’s macro-economic data showed an acceleration in inflation trends.
The rising wholesale price index (WPI), coupled with a higher annual retail inflation, have diminished hopes of a rate cut by the country’s apex bank.
Moreover, long-liquidation positions, sliding European markets and upcoming US macro-data dented sentiments.
The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed lower by 318 points or 1.28 percent.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) plunged during the day’s trade. It was down by 99 points or 1.31 percent at 7,437.80 points.
The S&P BSE Sensex, which opened at 24,881.76 points, provisionally closed at 24,455.04 points (at 3.30 p.m.) — down 317.93 points or 1.28 percent from the previous day’s close at 24,772.97 points.
The Sensex touched a high of 24,912.64 points and a low of 24,421.64 points during the intra-day trade.
The S&P BSE market breadth favoured the bears — with 2,270 declines and 415 advances.