Mumbai April 25 (IANS) Weak global cues coupled with profit booking and caution ahead of the April derivatives expiry pulled the key Indian equity indices lower on Wednesday.
According to market observers a weak rupee along with recent surge in crude oil prices and heavy selling in banking consumer durables and capital goods stocks weighed heavy on the key indices.
Index-wise the wider Nifty50 on the National Stock Exchange closed at 10 570.55 points down 43.80 points or 0.41 per cent from the previous close.
Similarly the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red. It opened at 34 593.17 points closed at 34 501.27 points down 115.37 points or 0.33 per cent.
The Sensex touched a high of 34 631.27 points and a low of 34 400.56 points during the day. The BSE market breadth was bearish with 1 794 declines and 867 advances. Market breadth on the NSE too was bearish on Wednesday.
In the broader market segment the S&P BSE mid-cap index closed lower by 0.52 per cent and the small-cap index by 0.72 per cent.
"Markets ended lower on Wednesday as selling was seen through the day. The recent rise in crude oil prices and cautiousness ahead of April derivatives expiry due on Thursday 26 April 2018 seemed to have affected investors " Deepak Jasani Head Retail Research HDFC Securities told IANS.
Abhijeet Dey Senior Fund Manager Equities BNP Paribas Mutual Fund said: "Recent firmness in crude prices rising bond yields in the US and the expiry of derivatives contracts this week all contributed to the volatility in the markets."
"Asian stocks tumbled across the board while US stocks witnessed selling pressure after the 10-year US Treasury yield briefly touched the psychologically important three per cent level for the first time in four years " he said.
Dhruv Desai Director and Chief Operating Officer of Tradebulls said: "Markets traded lower as global markets were in negative territory and investors booked profits amid weakened global sentiment."
Sector specific trade saw IT stocks rise due to a weak rupee which fell by 53 paise to 66.91 against the US dollar on Wednesday from its previous close at 66.38.
In terms of investments provisional data with the exchanges showed that FIIs sold scrip worth Rs 304.79 crore while the domestic institutional investors purchased stocks worth Rs 435.98 crore.
Sector-wise the S&P BSE IT index rose by 163.05 points followed by Teck (technology media and entertainment) index by 71.36 points and telecom stocks which inched up by 9.26 points.
On the other hand the S&P BSE banking index declined by 301.59 points cosumer durables index by 270.76 points and capital goods index by 231.99 points.
The major gainers on Sensex were: Bharti Airtel up 3.37 per cent at Rs 419.80; Tata Consultancy Services (TCS) up 2.43 per cent at Rs 3 467.90; Mahindra & Mahindra (M&M) up 1.88 per cent at Rs 854.25; Infosys up 0.61 per cent at Rs 1 160.90; and Power Grid up 0.58 per cent at Rs 207.20 per share.
The top losers were: Tata Steel down 2.01 per cent at Rs 586.20; ICICI Bank down 1.86 per cent at Rs 278.90; ONGC down 1.67 per cent at Rs 179.55; Tata Motors (DVR) down 1.65 per cent at Rs 185.15; and Dr. Reddy s Lab down 1.46 per cent at Rs 2 124.75 per share.
--IANS
rrb-ppg-rv/vm
