Mumbai March 22 (IANS) Indian equity markets on Wednesday slipped for the third consecutive trade session as investors sentiments were dented on the back of negative global cues coupled with a weak rupee and heavy selling pressure in automobile consumer durables and banking stocks.
The key indices closed with losses of around one per cent each. The NSE Nifty closed below the 9 100-mark.
The Nifty registered the biggest one day fall in percentage terms in two months weighed by global weakness. About two shares declined for every share rising on the BSE Deepak Jasani Head - Retail Research HDFC Securities told IANS.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 91.05 points or one per cent to 9 030.45 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE which opened at 29 341.41 points closed at 29 167.68 points -- down 317.77 points or 1.08 per cent from the previous close at 29 485.45 points.
The Sensex touched a high of 29 341.41 points and a low of 29 137.48 points during the intra-day trade.
The BSE market breadth was largely bearish -- with 1 872 declines and 937 advances.
In terms of the broader markets the S&P BSE mid-cap index was down by 0.95 per cent while the small-cap index fell by 0.90 per cent.
Growing concerns over US President Donald Trump s ability to implement his economic policies spooked the global markets.
The US stocks slipped over one per cent on Tuesday following which almost all major Asian indices traded in the red on Wednesday. The European markets too opened on a lower note.
Overnight selling pressure in the US markets rubbed off on Indian stocks pushing the markets lower from the opening bell Vijay Singhania Founder and Director of brokerage firm Trade Smart Online noted.
The BSE Sensex ended the day closing 317.77 points lower while the NSE Nifty closed the day down by over 91 points. This was the biggest fall for the market in 2017.
On the currency front the Indian rupee weakened by 15 paise to 65.45 against a US dollar from its previous close of 65.30 to a greenback.
On the sector-specific movement Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS: IT banking pharma auto oil-gas textile and aviation sector stocks traded with bearish sentiments due to profit booking.
Media-entertainment cement power and telecom sector stocks also traded lower on profit booking whereas FMCG sector stocks traded with sideways sentiments due to lower levels buying.
Sector-wise all the 19 sub-indices of the BSE ended with losses led by the S&P automobile index which plunged by 350.69 points.
The consumer durables index declined by 284.22 points the banking index dipped by 279.81 points and the capital goods index fell by 173.11 points.
Major Sensex gainers on Wednesday were: Lupin up 0.81 per cent at Rs 1 466.80; Wipro up 0.79 per cent at Rs 501.55; Cipla up 0.52 per cent at Rs 594.50; Sun Pharma up 0.31 per cent at Rs 701.50; and Dr. Reddy s Lab up 0.14 per cent at Rs 2 626.60.
Major Sensex losers were: Bharti Airtel down 3.18 per cent at Rs 338.50; Tata Motors down 2.84 per cent at Rs 459.90; ITC down 2.75 per cent at Rs 279.75; ICICI Bank down 2.42 per cent at Rs 265.60; and Bajaj Auto down 1.90 per cent at Rs 2 853.20.
--IANS
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Indian equities slide on negative global cues (Roundup)
