Negative global cues pull Indian equities lower

Mumbai, July 4 (IANS) Indian equity markets pared morning gains to trade on a flat-to-negative note during the mid-afternoon session on Tuesday, as negative Asian markets and selling pressure witnessed in automobile, consumer durables and healthcare stocks spooked investors.

At 12.45 p.m., the wider Nifty of the National Stock Exchange (NSE) inched lower by 3.10 points or 0.03 per cent to 9,611.90 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,331.21 points, traded at 31,204.01 points -- down 17.61 points, or 0.06 per cent, from its previous close at 31,221.62.

The Sensex has so far touched a high of 31,353.46 points and a low of 31,166.37 during intra-day trade.

The BSE market breadth was slightly bearish -- 1,230 declines and 1,218 advances.

"Equity benchmarks opened in the positive, but gave up gains after the Asian market started trading in the red. Hang Seng market was down by more than 1.5 per cent. North Korea launching its missile has dampened the sentiment of the market," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"The rupee opened at 64.83 against Monday's close of 64.88. The mid-cap and small-cap indices traded flat-to-negative. Auto, capital goods and consumer durable stocks traded in the negative, while oil and gas sector traded positive."

Cheering the launch of the country's biggest indirect tax reform -- the Goods and Services Tax (GST) -- on July 1, the benchmark indices closed with substantial gains on Monday.

The Nifty rose by 94.10 points or 0.99 per cent to close at 9,615 points, while the Sensex closed at 31,221.62 points -- up 300.01 points, or 0.97 per cent.