Global cues, profit booking drags equities lower

Mumbai, Dec 1 (IANS) Negative global cues, alongwith profit booking in auto, metal and oil and gas stocks, pulled the key Indian equity indices lower to provisionally close in the red on Friday.

According to market observers, heavy selling pressure in index heavyweights like Adani Ports, Bajaj Auto, Bharti Airtel, Sun Pharma and SBI, added to the downward slide.

The wider Nifty50 of the National Stock Exchange (NSE) declined by 104.75 points or 1.02 per cent to close (at 3.30 p.m.) at 10,121.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,247.66 points, provisionally closed at 32,832.94 points -- down 316.41 points or 0.95 per cent -- from Thursday's close.

The Sensex touched a high of 33,300.81 points and a low of 32,797.78 during intra-day trade.

The BSE market breadth was bearish -- 1,655 declines and 1,031 advances.

"Sensex tanked over 300 points and Nifty plunged about 100 points in the afternoon trade on Friday as economic growth data failed to convince sentiments in markets. Concerns grew over country's fiscal deficit and rising crude prices," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

On Thursday, the key indices closed with substantial losses as data showing a widened fiscal deficit for the first seven months of 2017-18, along with subdued Asian markets and volatility infused by November futures and options (F&O) expiry, subdued investors' sentiments.

On a closing basis, the NSE Nifty50 fell by 134.75 points or 1.30 per cent to 10,226.55 points while the BSE Sensex closed at 33,149.35 points -- down 453.41 points or 1.35 per cent.