Profit booking pulls Indian equities lower

Mumbai, Feb 3 (IANS) Profit booking at higher levels coupled with negative global cues pulled the Indian equities markets lower during the mid-afternoon trade session on Friday.

Besides, investors were cautious ahead of the Reserve Bank of India's (RBI) monetary policy review slated for next week.

Key indices traded in the red as heavy selling pressure was witnessed in automobile, consumer durables and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down 18.10 points or 0.21 per cent to 8,716.15 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE opened at 28,270.67 points and traded at 28,164.51 points (at 1.30 p.m.), down 62.10 points or 0.22 per cent from the previous close at 28,226.61 points.

The Sensex touched a high of 28,280.58 points and a low of 28,127.18 points during intra-day trade so far.

However, the BSE market breadth was tilted in favour of the bulls -- with 1,545 advances and 1,087 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to profit booking.

"IT stocks witnessed good recovery from lower levels, while banking, pharma, oil-gas and media-entertainment stocks traded with firm sentiments," Desai said.

"Auto, aviation and textile stocks traded with mixed sentiments due to profit booking at higher levels while FMCG, cement and power stocks traded with bearish sentiments."

On Thursday, inflow of foreign funds and a strong rupee buoyed the benchmark indices.

The NSE Nifty inched up by 17.85 points or 0.20 per cent to 8,734.25 points while the BSE Sensex was up by 84.97 points or 0.30 per cent to 28,141.64 points.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)