Equity indices trade in red; banks, IT stocks slip

Key Indian equity indices on Tuesday slipped into the negative territory -- a day after scaling record highs -- as broadly negative global cues and heavy selling pressure in banking, metals and IT stocks subdued investor sentiments.

At 12.55 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 77.55 points or 0.70 per cent at 11,052.85 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 36,277.12 points, traded at 36,068.76 points -- down 214.49 points or 0.59 per cent from its previous close.

The Sensex has so far touched a high of 36,291.82 points and a low of 36,014.32 during intra-day trade.

The BSE market breadth was bearish as 1,961 stocks declined against 696 advances.

"Indian shares fell after opening on Tuesday on profit booking following record levels hit during the previous session," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Investors would stay focus on budget proposals to be announced on Thursday. The government is likely to unleash its most people friendly budget, being its last opportunity before general election next year," he added.

On Monday, the key indices surged to new highs on the back of healthy buying in auto, IT and consumer durables stocks.

The wider Nifty50 of the National Stock Exchange (NSE) touched a record high of 11,171.55 points during intra-day trade and closed at a new level of 11,130.40 points.

On the BSE, the Sensex closed at a fresh high of 36,283.25 points after scaling a record intra-day level of 36,443.98 points.

--IANS

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