Indian equities trade flat on selling pressure (Lead)

Mumbai, Feb 9: Despite positive global cues and a strong rupee, Indian equities markets traded on a flat note during the mid-afternoon trade session on Thursday.

The key indices traded marginally in the red as heavy selling pressure was witnessed in banking, metal and capital goods stocks.

Besides, investors' sentiments were subdued after the Reserve Bank of India (RBI) kept key lending rates unchanged in its sixth and final monetary policy review for the 2016-17 fiscal on Wednesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 4.75 points or 0.05 per cent to 8,764.30 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,349.22 points, traded at 28,281.14 points (at 1.32 p.m.) -- down 8.78 points or 0.03 per cent, from the previous close at 28,289.92 points.

The Sensex has so far touched a high of 28,469.48 points and a low of 28,152.18 points during intra-day trade.

However, the BSE market breadth was tilted in favour of the bulls -- with 1,368 advances and 1,349 declines.

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

"Banking, pharma, auto, oil-gas, textile and aviation stocks traded with mixed sentiments due to profit booking, whereas FMCG, cement and power stocks traded down due to selling pressure," Desai told IANS.

On Wednesday, the NSE Nifty had inched up by 0.75 points or 0.01 per cent to close at 8,769.05 points, while the BSE Sensex was down 45.24 points or 0.16 per cent at 28,289.92 points.