Global cues, low oil prices subdue Indian equities

2000-nMumbai, (IANS) Weak global cues, lower crude oil prices and political bickering over the government’s demonetisation move pulled the Indian equity markets lower on Thursday.

The two key Indian indices provisionally closed the day’s trade on a flat-to-negative note, as heavy selling pressure was witnessed in IT, TECK and telecom stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 31.65 points or 0.39 per cent to 8,079.95 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,304.90 points, provisionally closed at 26,227.62 points (at 3.30 p.m.) — down by 71.07 points or 0.27 per cent from the previous close at 26,298.69 points.

The Sensex touched a high of 26,449.87 points and a low of 26,155.40 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bears — with 1,653 declines and 965 advances.

On Wednesday, the Indian equity markets had closed on a flat note due to prevailing anxiety over the impact of demonetisation, foreign fund outflows and negative global cues.

The barometer index was down by 5.94 points or 0.02 per cent, whereas the NSE Nifty gained only 3.15 points or 0.04 per cent.

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