Mumbai Sep 18 (IANS) Latest global trade protectionist measures along with high crude oil prices and a depreciation in rupee s value dragged the Indian equity market in the red for a second consecutive session on Tuesday.
Sector-wise heavy selling pressure was witnessed in the interest sensitive stocks like banking auto and capital goods.
Index-wise the wider NSE Nifty50 provisionally closed at 11 278.90 points lower by 98.85 points or 0.87 per cent from the previous close of 11 377.75 points.
The S&P BSE Sensex which had opened at 37 660.19 points provisionally closed at 37 290.67 points lower by 294.84 points or 0.78 per cent from the previous close of 37 585.51 points.
It touched a high of 37 745.44 points and a low of 37 242.85 during the day s trade.
"Carrying on from Monday markets continued to dive on Tuesday to close in the red for the second consecutive session. The Nifty had in fact opened on a positive note but selling soon resumed and pulled the index lower " said Deepak Jasani Head of Retail Research HDFC Securities.
"The weakness came on the back of rising global trade tensions after (US President Donald) Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports escalating the trade conflict."
According to Vinod Nair Head of Research Geojit Financial Services: "Selling pressure increased on the bourses due to spike in oil prices led by factors like implication of US sanction on Iran and supply constraints.
"Domestic triggers failed to add momentum despite ease in inflation government policies to contain CAD and consolidation in PSUBs. This situation will ease once the global bond and currency market stabilise which is currently under pressure given the chaos over oil and Fed rate hike."
On the currency front the Indian rupee closed at 72.98 weakening 47 paise from its previous close of 72.51 per greenback.
Investment-wise provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 1 143.73 crore and domestic institutional investors bought stocks worth Rs 264.66 crore.
Sector-wise only FMCG stocks on the BSE ended in the green gaining 102.11 points.
On the other hand the S&P BSE banking index lost 510.20 points the auto index was down 353.54 points and the capital goods ended 250.56 points lower from its previous close.
The top gainers on the Sensex were Hindustan Unilever up 3.87 per cent at Rs 1 666.15; Yes Bank up 1.43 per cent at Rs 323.15; Wipro up 1.02 per cent at Rs 332.50; ONGC up 0.93 per cent at Rs 173.35; and ITC up 0.23 per cent at Rs 302.60 per share.
The losers were State Bank of India down 4.06 per cent at Rs 274; Tata Motors down 3.36 per cent at Rs 251.45; Bajaj Auto down 2.84 at Rs 2 775.90; Axis Bank down 2.81 per cent at Rs 608.45; Tata Motors(DVR) down 2.45 per cent at Rs 137.55 per share.

--IANS ravi-rv/mr