Equity indices trade lower on global cues, selling pressure

Key Indian equity indices traded lower during Friday's mid-afternoon session on the back of negative global cues, coupled with a weak rupee and heavy selling pressure in automobile, metal and oil and gas stocks.

Index heavyweights like Tata Motors, Sun Pharma, Adani Ports and Asian Paints, among others, traded in the red.

According to market observers, investors traded on a cautious note ahead of the GST Council's decision on tax rates.

Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 16.80 points, or 0.16 per cent, at 10,292.15 points.

The 30-scrip S&P BSE Sensex, which opened at 33,235.75 points, traded at 33,206.09 points -- down 44.84 points or 0.13 per cent -- from Thursday's close.

The Sensex has so far touched a high of 33,280.55 points and a low of 33,135.94 points during intra-day trade.

The BSE market breadth was slightly bearish -- 1,286 declines and 1,210 advances.

"The Indian rupee traded lower and headed for its biggest weekly drop in seven weeks. The shares of Larsen and Toubro, ONGC and State Bank of India rose, whereas shares of Tata Motors, Reliance and Asian Paints fell," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"The GST Council may consider reducing items in the 28 per cent tax slab and slash rates for daily use items, plastic products and hand-made furniture as it looks to provide relief to consumers," said Desai.

On Thursday, an upward rally in the S&P BSE consumer durables index and value buying led the benchmark indices to close on a flat-to-positive note .

The Nifty50 closed the day's trade at 10,308.95 points, higher by 5.80 points, or 0.06 per cent, while the BSE Sensex closed at 33,250.93 points -- up 32.12 points or 0.10 per cent.

--IANS

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