Weak global cues depress equity indices

Weak global cues depress equity indices

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,618.25 points, down by 61.40 points or 0.57 per cent from the previous close.

At 11:19 AM, the BSE Sensex was trading at 34,990, down 112 points, while the Nifty50 index was trading at 10,644, down 36 points.

Indian shares dropped on Friday tracking global equity markets, while IT and pharma stocks pulled down the indexes, ahead of elections in the key state of Karnataka.

In the broader market, the S&P BSE mid-cap declined by 1.16 per cent while the S&P BSE small cap fell 0.84 per cent.

After opening higher, the 30-share Sensex quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent.

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The BSE market breadth was bearish with 1,833 declines and 831 advances. The index had gained almost 12 percent in the previous month on the back of a weaker rupee and strong earnings from IT majors.

Meanwhile, the rupee edged one paisa higher to 62.63 against the US dollar in early trade today after the greenback weakened overseas ahead of monthly US jobs report and China-US trade meet outcome.

Coal India, Infosys, ICICI Bank, HUL, TCS and Tata Steel were among the top losers on Sensex today, falling up to 2 per cent. "Mixed earnings from corporates and valuation concerns compared to other emerging markets influenced investors to book some profit".

Domestic institutional investors (DIIs) bought shares worth a net of Rs 261.98 crore, while foreign portfolio investors (FPIs) sold net shares worth Rs 385.47 crore on Monday, provisional data showed.

Shanghai Composite Index too fell 0.16 per cent.The US Dow Jones Industrial Average ended 0.27 per cent lower in yesterday's trade.

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