Equity indices trade lower on negative global cues

Indian equities on Friday plunged into the negative territory following the negative trend in Asian markets, along with heavy selling pressure in banking, auto, oil and gas, capital goods and IT stocks.

Asian markets slumped on Friday tracking the decline in US stocks overnight (Thursday). The benchmark Dow Jones declined over 1,000-points for the second time this week as rising bonds yields dented investors' sentiments.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 115.05 points or 1.09 per cent to trade at 10,461.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,002.45 points, traded at 34,036.43 points -- down 376.73 points or 1.09 per cent from its previous session's close.

The BSE market breadth was bearish with 1,475 declines and 1,100 advances.

"Global carnage center-staged in the morning as the US markets closed at record lows of 1,000 points down on Dow Jones. Asian markets followed suit as all opened gap down," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

However, in contrary to the bearish sentiments in the markets, Reliance Capital traded higher by 1.94 per cent at Rs 479.20 per share after it posted a net profit of Rs 315 crore for the third quarter ended on December 31 -- a growth of 50 per cent -- on Thursday.

Reliance Home Finance was also trading up by 0.67 per cent at Rs 75.50 per scrip after the company on Wednesday said it closed the quarter ended Q3 with a net profit of Rs 46 crore.

On Thursday, the equity indices propelled to close on a higher note on the back of bargain hunting by investors after seven consecutive days of losses.

The Nifty50 closed higher by 100.15 points or 0.96 per cent at 10,576.85 points while the Sensex closed at 34,413.16 points -- up 330.45 points or 0.97 per cent.

--IANS

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