Negative Asian cues pull equity indices lower

Negative Asian cues pull equity indices lower
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Mumbai: Negative Asian cues on the prospect of global trade wars pulled the key indices of the Indian equity market lower during the early morning session on Monday.

According to market observers, heavy selling pressure was witnessed in metals, auto and banking stocks.

At 9.25 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,812.13 points — down 234.81 points, or 0.69 per cent, from its previous close of 34,046.94 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 80.25 points, or 0.77 per cent, to close at 10,378.10 points.

In the intra-day trade so far, the S&P BSE Sensex touched a high of 34,034.28 points and a low of 33,795.38 points.

The key indices of the Indian equity market were closed last Friday to mark the festival of Holi.

On Thursday — the previous trade session — both the key indices closed on a flat-to-negative note due to negative global cues and the stress being faced by the banking sector.

However, a minor pullback rally led by healthy GDP growth data for the third quarter of 2017-18 pared some losses.

Consequently, the Nifty50 had inched lower by 32.7 points, or 0.31 per cent, to close at 10,458.35 points, while the Sensex closed at 34,046.94 points — declined 95.21 points, or 0.28 per cent.

IANS