Indian equity markets dent on profit booking

Mumbai, Sep 23: Indian equity markets were suppressed on Friday by profit booking at higher levels and mixed global sentiments.

Both the key equity indices traded on a flat-to-negative note during the mid-afternoon trade session, as selling pressure was witnessed in banking and FMCG stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 3.40 points or 0.04 per cent to 8,864.05 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,810.32 points, traded at 28,763.20 points (at 1 p.m.) -- down 9.93 points or 0.03 per cent from the previous close at 28,773.13 points.

The Sensex has so far touched a high of 28,825.09 points and a low of 28,714.93 points during the intra-day trade.

In contrast, the BSE market breadth was tilted in favour of the bulls -- with 1,293 advances and 1,130 declines.

On Thursday, both the key indices had made gains of around a per cent each on the back of positive global cues, fresh inflow of foreign funds, healthy macro-economic data and a strong rupee.

The barometer index had gained 265.71 points or 0.93 per cent, while the NSE Nifty was up 90.30 points or 1.03 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments on profit booking at higher levels from traders.

"IT stocks traded firm on short covering at lower levels. Banking and pharma stocks traded with mixed sentiments due to profit booking at higher levels," Desai said.

"Auto and oil-gas stocks traded firm. FMCG stocks traded with mixed sentiments due to lack of buying interest from traders at higher levels."