Profit booking, rupee depreciation subdue equities

Mumbai: Profit booking, coupled with rupee depreciation and lower global crude oil prices subdued the Indian equities markets during the mid-afternoon trade session on Monday.

However, positive global markets and recovery in the banking and IT sectors arrested the downward spiral.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched-up by 1.95 points or 0.02 per cent to 8,245.75 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,860.81 points, traded at 26,766.30 points (2.00 p.m.), up 7.07 points or 0.03 per cent from its previous close at 26,759.23 points.

The Sensex touched a high of 26,860.88 points and a low of 26,701.18 points in the intra-day trade so far.

“CNX Nifty traded with sideways sentiments due to profit booking at higher levels. However, banking and IT stocks witnessed healthy recovery from lower levels,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Volatile price movements in USD/INR in the second half of the session might bring-in more volatility.”