Indian equities slip, healthcare stocks face selling pressure

Mumbai, April 21 (IANS) Despite positive global cues, the Indian equity markets on Friday traded in the negative territory as heavy selling pressure was witnessed in healthcare, banking and FMCG stocks.

Besides, caution prevailed over the ongoing fourth quarter results season.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped below the important 9,100-mark. It fell by 42.25 points or 0.46 per cent, to 9,094.15 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,575.66 points, traded at 29,282.74 points (at 1.15 p.m.) -- down 139.65 points or 0.47 per cent from the previous close at 29,422.39 points.

The Sensex has so far touched a high of 29,584.34 points and a low of 29,265.32 points during the intra-day trade.

In contrast, the BSE market breadth was slightly tilted in favour of the bulls -- with 1,411 advances and 1,304 declines.

"Both the indices failed to sustain at higher levels and currently traded with volatile sentiments. Sun Pharmaceutical Industries share price fell nearly three per cent intra-day after reports that said the company has received 11 observations from the US health regulator for its Dadra unit," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Tyre stocks faced resistance at higher levels mainly due to profit booking. However, telecom and power sector stocks currently traded with positive bias."

On Thursday, the benchmark indices closed in the green after five consecutive sessions of losses on the back of strong buying support.

The NSE Nifty rose by 32.90 points or 0.36 per cent to 9,136.40 points, while the Sensex closed at 29,422.39 points -- up 85.82 points or 0.29 per cent.