Profit booking pulls equity markets lower

Mumbai,Oct 7: Negative global indices and profit booking pulled the Indian equity markets lower on Friday.

The key indices traded on a flat-to-negative note during the mid-afternoon trade session as heavy selling pressure was witnessed in IT, oil and gas, and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 17.20 points, or 0.20 per cent, to 8,692.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,129.22 points, traded at 28,052.57 points (at 2.00 p.m.) — down 53.64 points, or 0.19 per cent, from the previous close at 28,106.21 points.

The Sensex has so far touched a high of 28,155.68 points and a low of 27,964.91 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,323 declines and 1,289 advances.

On Thursday, both the key Indian indices ended in the red due to negative global cues, coupled with lower crude oil prices and a weak rupee.

The barometer index fell by down 114.77 points, or 0.41 per cent, while the NSE Nifty edged down by 34.40 points or 0.39 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty faced profit booking at higher levels and traded lower.

“IT, banking and pharma stocks traded with mixed sentiments. Auto and oil-gas stocks witnessed some recovery from lower levels,” Desai said.

“Textile and aviation stocks traded with mixed sentiments. Cement and power stocks faced resistance at higher levels due to profit booking.” (IANS)

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