Global cues drag equities lower; banking stocks recede

Negative Asian markets, along with heavy selling pressure in banking, capital goods, metals, oil and gas and healthcare stocks, dragged the key Indian equity indices lower during the mid-afternoon trade session on Wednesday.

Around 1.30 p.m, the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 68.65 points, or 0.67 per cent, at 10,180.60 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,279.39 points, traded at 33,109.20 points -- down 208 points, or 0.62 per cent, from its previous session's close.

The Sensex has so far touched a high of 33,331.21 points and a low of 33,083.07 during the intra-day trade.

The S&P BSE banking index plunged by 301.42 points or 1.09 per cent, dragged by banking heavyweights like the Punjab National Bank (down 2.97 per cent), State Bank of India (down 3.53 per cent), Bank of Baroda (down 3.22 per cent) and ICICI Bank (down 2.61 per cent).

The BSE market breadth was remarkably bearish with 2,163 declines and 453 advances.

"Equity markets declined in trade following losses in Asian and the US markets. Markets fluttered as global trade war concerns intensified after the resignation of White House economic adviser Gary Cohn," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Tuesday, the benchmark indices closed in the red as banking stocks tanked substantially.

The Sensex closed lower by 429.58 points, or 1.27 per cent, at 33,317.20 points, while the Nifty50 plummeted by 109.60 points, or 1.06 per cent, to close at 10,249.25 points.

--IANS

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