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Negative global cues, selling pressure drag equity indices lower (Lead)

Mumbai, Nov 13 (IANS) Broadly negative Asian markets, coupled with profit booking in capital goods, oil and gas and consumer durables stocks, pulled the key Indian equity indices lower to trade in the red during the mid-afternoon session on Monday.

According to market observers, domestic macro-industrial output data point released on Friday and heavy selling in index heavyweights like Coal India, ONGC, HDFC, Larsen and Toubro (L&T) and Tata Steel, among others, eroded investors’ risk taking appetite.

Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 40 points, or 0.39 per cent, to trade at 10,281.75 points.

The 30-scrip S&P BSE Sensex, which opened at 33,397.41 points, traded at 33,205.68 points — down 108.88 points or 0.33 per cent — from Thursday’s close.

The Sensex has so far touched a high of 33,417.30 points and a low of 33,159.01 points during intra-day trade.

The BSE market breadth was bearish — 1,380 declines and 1,178 advances.

“The benchmark indices traded lower on Monday as investors reacted to the September quarter earnings of index heavyweights Idea Cellular, L&T and Coal India. The GST Council on Friday cut the tax rate on 178 items from 28 per cent to 18 per cent, leaving only 50 items in the highest tax slab and offering major relief to consumers and businesses,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Overseas, Asian shares stepped back in a cautious trade as investors look to see whether US Republicans can hammer a tax reform deal quickly. The British pound fell on growing doubts over Prime Minister Theresa May’s leadership,” added Desai.

On Friday, the benchmark indices closed in the green on the back of last-hour buying, though they traded on a volatile note for most of the day on the back of negative global cues, outflow of foreign funds.

The NSE Nifty50 rose by 12.80 points, or 0.12 per cent, to close at 10,321.75 points, while the BSE Sensex closed at 33,314.56 points — up 63.63 points or 0.19 per cent.

Post Source: Ians feed

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