Negative global cues suppress Indian equities

Mumbai, Dec 2: Negative global cues suppressed the Indian equities markets during the mid-afternoon trade session on Friday.

The key Indian indices traded in the red -- with losses of almost half a per cent each, as heavy selling pressure was witnessed in consumer durables, automobile and oil and gas stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 35 points or 0.43 per cent to 8,157.90 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,437.37 points, traded at 26,443.73 points (at 1.45 p.m.) -- down 116.19 points or 0.44 per cent from the previous close at 26,559.92 points. 

The Sensex has touched a high of 26,463.06 points and a low of 26,289.65 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bears -- with 1,596 declines and 863 advances.

On Thursday, the equity markets were subdued by profit booking and lower European indices.

The barometer index was down by 92.89 points or 0.35 per cent, while the NSE Nifty edged lower by 31.60 points or 0.38 per cent.

"The markets traded in the red due to negative global cues. Largely supportive domestic cues, such as positive macro-economic data, could not provide much support to the markets," Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

"Investors are cautious ahead of the US non-farm payrolls data to be announced today (Friday). Crude oil prices surged on the OPEC's (Organisation of the Petroleum Exporting Countries) decision on a production cut, which has created a chaos in the markets," Jain said.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with bearish sentiments due to selling pressure.

"IT stocks witnessed some recovery from lower levels, while banking, pharma, auto, oil-gas and aviation stocks traded with bearish sentiments," Desai said.

"Media-entertainment, FMCG, cement and power stocks also traded with bearish sentiments due to selling pressure."