Mumbai: Indian equity markets were pulled lower during the mid-afternoon session on Monday due to mixed global cues on the back of geo-political tensions, a marginally weak rupee and selling pressure in IT, consumer durables, and capital goods stocks.
Investors were also cautious ahead of the upcoming fourth quarter earning results and major macro-economic data points, which are slated to be released during the week.
The wider 51-scrip Nifty of the National Stock Exchange (NSE), which opened above its important resistance mark of 9,200 points, fell by 12.15 points or 0.13 per cent to 9,186.15 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,752.62 points, traded at 29,629.88 points (at 1.00 p.m.) — down 76.73 points or 0.26 per cent from the previous close at 29,706.61 points.
The Sensex has so far touched a high of 29,831.32 points and a low of 29,624.72 points during the intra-day trade.
In contrast, the BSE market breadth was bullish — with 1,682 advances and 1,046 declines.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, depreciation of the rupee against the dollar currently pressurised the sentiments of the equity markets.
“Equity benchmarks started off the day on a positive note as the Nifty opened above the 9,200 level, backed by capital goods and oil marketing companies, despite geopolitical tensions,” Desai told IANS.
“Among sectors, media-entertainment, textile and cement sector stocks complemented the recovery in Indian equity markets, while IT sector stocks traded with bearish sentiments.”
On Friday, the NSE Nifty fell by 63.65 points or 0.69 per cent at 9,198.30 points, and the BSE Sensex closed at 29,706.61 points — down 220.73 points or 0.74 per cent.