Negative global cues subdue Indian equities, Sensex below 30k mark

Mumbai, April 28: Indian equity markets were subdued by weak global cues and heavy selling pressure in FMCG and banking stocks during the mid-afternoon trade session on Friday.

The key indices traded in the red with losses of almost half-a-per cent each. The barometer 30-scrip BSE Sensex slipped below the important 30,000-level during intra-day trade.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 47.85 points or 0.51 per cent to 9,294.30 points.

The BSE Sensex, which opened at 30,064.60 points, traded at 29,885.70 points (at 12.45 p.m.) -- down 144.04 points or 0.48 per cent from its previous close at 30,029.74 points.

The Sensex has so far touched a high of 30,067.64 points and a low of 29,848.21 points during the intra-day trade.

The BSE market breadth was bearish -- with 1,332 declines and 1,270 advances.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices started off the first day of May F&O (futures and options) series on a weak note following muted global cues and firm opening of a USD/INR futures.

"Banking sector stocks currently faced resistance at higher levels and traded with mixed sentiments due to profit booking, while media-entertainment and power sector stocks outperformed the bearishness of Indian equity markets on strong buying sentiments," Desai told IANS.

"Both the benchmark indices are currently facing selling pressure and extending losses of morning trade."

On Thursday, the benchmark indices scaled fresh record highs, but selling pressure triggered by profit bookings dragged them to closing in the red. The NSE Nifty touched 9,367.15 points during the intra-day trade and the BSE Sensex registered a new record intra-day high of 30,184.22 points.

On closing basis, the Nifty inched down by 9.70 points or 0.10 per cent to close at 9,342.15 points, while the Sensex closed at 30,029.74 points -- down 103.61 points or 0.34 per cent.