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Selling pressure in IT stocks pull equities lower

IANS  |  Mumbai 

Heavy selling pressure in IT and Teck (technology, media and entertainment) stocks, coupled with disappointing macro-economic data pulled the Indian equity markets lower on Wednesday.

Besides, investors were cautious ahead of the US Federal Open Market Committee's meet later in the evening on whether or not to raise interest rates.

However, a strong rupee pared some losses and the key indices provisionally closed marginally lower.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 3.80 points or 0.04 per cent, to 9,083.20 points

On the other hand, the BSE Sensex, which opened at 29,452.86 points, provisionally closed at 29,387.05 points (at 3.30 p.m.) -- down 55.58 points or 0.19 per cent from the previous close at 29,442.63 points.

The Sensex touched a high of 29,500.08 points and a low of 29,358.91 points during the intra-day trade.

In contrast, the BSE market breadth was marginally tilted in favour of bulls -- with 1,411 advances and 1,398 declines.

On Tuesday, the benchmark indices touched new 52-week-high levels following crucial state election results declared on March 11.

The NSE Nifty gained 152.45 points or 1.71 per cent, to close at 9,087 points after touching a new high of 9,120.6 points.

Similarly, the BSE Sensex closed at 29,442.63 points -- up 496.40 points or 1.71 per cent after touching a 52-week high of 29,561.93 points.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 16:02 IST
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