Indian equities slide, negative global cues spook investors

Mumbai, March 22 (IANS) Indian equity markets slipped during the mid-afternoon trade session on Wednesday as negative global cues and heavy selling pressure in automobile, consumer durables and banking stocks subdued investors' sentiments.

Growing concerns over US President Donald Trump's ability to implement his economic policies spooked the global markets.

The US stocks slipped over one per cent on Tuesday, following which almost all major Asian indices traded in the red early on Wednesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) broke the crucial 9,100-level and traded at 9,055.50 points -- down 66 points or 0.72 per cent.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,341.41 points, traded at 29,267.53 points (at 12.40 p.m.) -- down 217.92 points or 0.74 per cent from the previous close at 29,485.45 points.

The Sensex has so far touched a high of 29,341.41 points and a low of 29,219.59 points during the intra-day trade.

The BSE market breadth was bearish -- with 1,648 declines and 867 advances.

"The CNX Nifty witnessed negative opening, tracking bearish global cues, and traded with bearish sentiments due to selling pressure," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"IT, banking, pharma, auto, oil-gas, textile and aviation sector stocks traded with bearish sentiments due to profit booking."

On Tuesday, substantial inflows of foreign funds and a strong rupee aided the benchmark indices to pare some of their losses and close on a flat-to-negative note.

The NSE Nifty closed a tad lower by 5.35 points or 0.06 per cent at 9,121.50 points. The Sensex closed at 29,485.45 points -- down 33.29 points or 0.11 per cent.