Global cues continue to weigh heavy on equity markets

Mumbai, March 1 Despite better-than-expected macro-economic growth indicators, the key Indian equity market indices remained subdued on the back of weak global cues and outflow of foreign funds during the afternoon trade session on Thursday.

Market observers said the domestic equity indices traded flat in-line with their Asian peers as the prospects of higher interest rates in the US eroded investors risk-taking appetite.

At 1.05 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 34,165.30 points -- down 18.74 points, or 0.05 per cent, from its previous close of 34,184.04 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the trade session. It receded by 1.55 points, or 0.01 per cent, to close at 10,494.40 points.

In the intra-day so far, the S&P BSE Sensex touched a high of 34,278.63 points and a low of 34,080.61 points.

"Equity markets opened on a positive note, following better-than-expected economic growth, but later erased gains and traded lower post the first half an hour of the day's trade session," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said.