Mumbai Aug 11 (IANS) Dragged lower by intense selling activities in automobile metal and banking stocks along with negative global cues the key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- traded with losses for the fifth consecutive session on Friday.
According to market observers the key indices traded deep in the red during the mid-afternoon trade session subdued by heavy selling in individual index heavyweights like State Bank of India Reliance Industries Cipla and Mahindra & Mahindra among others.
At one point of time the Nifty50 of the National Stock Exchange (NSE) traded below the psychologically important 9 700-mark which was breached for the first time on June 6.
At 2.30 p.m. the Nifty50 traded 109.85 points or 1.12 per cent lower at 9 710.40 points.
The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 355.92 points traded at 31 206.60 points -- down 324.73 points or 1.03 per cent from its previous close at 31 531.33 points.
The Sensex has so far touched a high of 31 379.20 points and a low of 31 128.02 points during the intra-day trade.
The BSE market breadth was bearish -- with 1 704 declines and 749 advances.
"Over 400 companies will report their corporate earnings today will may lead to specific stock reactions. Investors will eye the Q1 results of country s biggest lender State Bank of India " Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS.
On Thursday the benchmark indices were pulled lower by negative global cues a weak rupee and heavy selling pressure.
The NSE Nifty50 closed lower by 87.80 points or 0.89 per cent at 9 820.25 points while the Sensex closed at 31 531.33 points -- down 266.51 points or 0.84 per cent.
--IANS
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