Global cues, profit booking drag equity markets lower
Mumbai: Negative global indices, coupled with profit booking and disappointing macro-data, dragged the Indian equity markets lower on Wednesday.
Both the key indices provisionally closed the day’s trade in the red, as heavy selling pressure was witnessed in banking, IT and healthcare stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 25.20 points, or 0.29 per cent, to 8,743.95 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,425.74 points, provisionally closed at 28,220.98 points (at 3.30 p.m.) — down 113.57 points, or 0.40 per cent, from the previous close at 28,334.55 points.
The Sensex touched a high of 28,477.65 points and a low of 28,188.90 points during the intra-day trade.
In contrast, the BSE market breadth was tilted in favour of the bulls — with 1,725 advances and 1,150 declines.
On Tuesday, both the key Indian indices ended in the green due to short covering and value buying on the back of positive global cues, and reduction in a key lending rate by the Reserve Bank of India (RBI).
The barometer index had gained 91.26 points, or 0.32 per cent, while the NSE Nifty rose by 31.05 points, or 0.36 per cent.