Indian equities slide on negative global cues

5 Dariya News

Mumbai 22-Mar-2017

Indian equity markets on Wednesday slipped for the third consecutive trade session, as investors' sentiments were dented on the back of negative global cues, coupled with a weak rupee and heavy selling pressure in automobile, consumer durables and banking stocks.The key indices closed with losses of around one per cent each. The NSE Nifty closed below the 9,100-mark."The Nifty registered the biggest one day fall in percentage terms in two months weighed by global weakness. About two shares declined for every share rising on the BSE," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 91.05 points or one per cent to 9,030.45 points.The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,341.41 points, closed at 29,167.68 points -- down 317.77 points or 1.08 per cent from the previous close at 29,485.45 points.The Sensex touched a high of 29,341.41 points and a low of 29,137.48 points during the intra-day trade.

The BSE market breadth was largely bearish -- with 1,872 declines and 937 advances.In terms of the broader markets, the S&P BSE mid-cap index was down by 0.95 per cent, while the small-cap index fell by 0.90 per cent.Growing concerns over US President Donald Trump's ability to implement his economic policies spooked the global markets.The US stocks slipped over one per cent on Tuesday, following which almost all major Asian indices traded in the red on Wednesday. The European markets, too, opened on a lower note."Overnight selling pressure in the US markets rubbed off on Indian stocks pushing the markets lower from the opening bell," Vijay Singhania, Founder and Director of brokerage firm Trade Smart Online, noted."The BSE Sensex ended the day closing 317.77 points lower, while the NSE Nifty closed the day down by over 91 points. This was the biggest fall for the market in 2017."On the currency front, the Indian rupee weakened by 15 paise to 65.45 against a US dollar from its previous close of 65.30 to a greenback.On the sector-specific movement, Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS: "IT, banking, pharma, auto, oil-gas, textile and aviation sector stocks traded with bearish sentiments due to profit booking."

"Media-entertainment, cement, power and telecom sector stocks also traded lower on profit booking, whereas FMCG sector stocks traded with sideways sentiments due to lower levels buying." Sector-wise, all the 19 sub-indices of the BSE ended with losses, led by the S&P automobile index, which plunged by 350.69 points.The consumer durables index declined by 284.22 points, the banking index dipped by 279.81 points, and the capital goods index fell by 173.11 points.Major Sensex gainers on Wednesday were: Lupin, up 0.81 per cent at Rs 1,466.80; Wipro, up 0.79 per cent at Rs 501.55; Cipla, up 0.52 per cent at Rs 594.50; Sun Pharma, up 0.31 per cent at Rs 701.50; and Dr. Reddy's Lab, up 0.14 per cent at Rs 2,626.60.Major Sensex losers were: Bharti Airtel, down 3.18 per cent at Rs 338.50; Tata Motors, down 2.84 per cent at Rs 459.90; ITC, down 2.75 per cent at Rs 279.75; ICICI Bank, down 2.42 per cent at Rs 265.60; and Bajaj Auto, down 1.90 per cent at Rs 2,853.20.