Equities trade flat on global cues, selling pressure

Indian equities markets traded on a flat note during the mid-afternoon trade session on Monday as negative global cues and heavy selling pressure witnessed in banking, automobile and capital goods stocks subdued investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 19.15 points or 0.21 per cent to 8,920.35 points.

In contrast, the barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,910.50 points, traded at 28,901.02 points (at 1.30 p.m) -- up just 8.05 points or 0.03 per cent, from the previous close at 28,892.97 points.

The Sensex has so far touched a high of 28,961.83 points and a low of 28,812.88 points during the intra-day trade.

However, the BSE market breadth was tilted in favour of the bears -- with 1,326 declines and 1,008 advances.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with bearish sentiments due to profit booking.

"Banking, pharma, auto, oil-gas, textile, media-entertainment and FMCG stocks traded with sideways sentiments due to profit booking," Desai said.

"Cement, power and telecom sector stocks traded with bearish sentiments due to selling pressure at higher levels."

On February 23, the benchmark indices closed on a flat-to-positive note as inflow of foreign funds and rupee appreciation buoyed investors' sentiments.

The NSE Nifty rose by 12.60 points or 0.14 per cent to close at 8,939.50 points, and the BSE Sensex was up 28.26 points or 0.10 per cent at 28,892.97 points.

--IANS

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