Uncertain global cues depress equity markets

Subdued Asian indices, along with uncertain global cues and a weak rupee, depressed the Indian equity markets today.

Consequently, the key indices traded flat — marginally in the red, during the early morning session.

Heavy selling pressure was witnessed in automobile, metal and fast moving consumer goods (FMCG) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 6.20 points or 0.08 per cent, at 8,213.70 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,791.68 points, traded at 26,802.57 points (9.30 a.m.) — down 10.21 points or 0.04 per cent from the previous close at 26,812.78 points.

The Sensex has so far touched a high of 26,843.19 points and a low of 26,772.94 points during the intra-day trade.

In contrast, the BSE market breadth was skewed in favour of the bulls — with 889 advances and 458 declines.

Initially, the key indices opened on a flat-to-negative note, in sync with their subdued Asian peers.

Investors remained cautious ahead of Britain’s upcoming referendum on whether or not to stay on in the European Union. The island nation will go in for a referendum on this issue on Thursday.

On Tuesday, the key indices had ended on a lower note due to profit booking, uncertain global cues and a weak rupee.

The barometer index had fallen by 54.14 points or 0.20 per cent, while the NSE Nifty had slipped by 18.60 points, or 0.23 per cent.

Wefornews Bureau

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