Equity indices fall amid global growth concerns

Mumbai: Equity benchmark indices slipped into the negative zone on Friday as fears of a slowing global economy led to a choppy trading session.

The markets closed on a lackluster note while traders booked profit on selling pressure through the day.

The Bombay Stock Exchange S&P Sensex closed 54 points lower at 36,725. The National Stock Exchange Nifty 50 slipped 23 points to wind up at 11,035.

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Among the losers were Wipro, Tata Motors, Hindalco, Indian Oil, and Tata Steel. However, Allahabad Bank, Canara Bank, and State Bank of India were the gainers.

Meanwhile, all Asian stock markets were in the red after witnessing declines in the United States and Europe.

A day earlier, European Central Bank President Mario Draghi said global the economy is in a period of continued weakness and pervasive uncertainty.

The mood got gloomy further after weak export data from China heightened fears among investors. China’s February exports fell 20.7 percent from a year earlier.

Beijing has announced billions of dollar in tax cuts to boost domestic consumption further this year. It plans to boost infrastructure spending for reducing the risk of an economic slowdown.


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