Global cues, selling pressure pull equity markets lower

Mumbai, June 21: The Indian equity markets traded in the red during the mid-afternoon session on Wednesday, as negative global cues, a weak rupee and heavy selling pressure in automobile, oil and gas, and IT stocks subdued investors' sentiments.

At 12.45 p.m., the wider Nifty of the National Stock Exchange (NSE) fell by 32.45 points, or 0.34 per cent, to 9,621.05 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,302.18 points, traded at 31,231.85 points -- down 65.68 points, or 0.21 per cent, from its previous close at 31,297.53 points.

The Sensex has so far touched a high of 31,305.60 and a low of 31,193.61 points during intra-day trade.

The BSE market breadth was marginally bearish -- with 1,212 declines and 1,201 advances.

"Equity benchmarks opened on a lower note on account of weak Asian market. Asian market is trading negative and US dollar is strong on US Federal Reserve official's comment. The Indian rupee also declined in early trade," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Top gainers in the NSE are Bank of Baroda, HUL, L&T and Sunpharma, while top losers are ONGC, Cipla and TCS. Aviation stocks gained after international crude oil prices fell to a seven-month low."

On Tuesday, the benchmark indices slipped to close on a flat-to-negative note on the back of prolonged outflow of foreign funds and selling pressure on banking and FMCG stocks.

The Nifty inched lower by 4.05 points, or 0.04 per cent, to close at 9,653.50 points, while the Sensex closed at 31,297.53 points -- down 14.04 points, or 0.04 per cent.