Indian equities close flat on negative global cues (Roundup)

Negative global cues and heavy selling pressure in healthcare, oil and gas, and banking stocks led the Indian equity markets to close on flat-to-negative note on Wednesday.

Market observers said investors were cautious ahead of the outcome of the two-day US Federal Open Market Committee (FOMC) meet, due later on Wednesday evening.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 1.85 points or 0.02 per cent to close at 9,311.95 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 29,984.95 points, closed at 29,894.80 points -- down 26.38 points or 0.09 per cent from its previous close at 29,921.18 points.

The Sensex touched a high of 30,020.59 points and a low of 29,846.57 points during the intra-day trade.

The BSE market breadth favoured a bearish mood -- with 1,485 declines and 1,360 advances.

In terms of the broader markets, the S&P BSE mid-cap index closed down by 0.30 per cent, while the small-cap index inched up by 0.07 per cent.

"Equity markets consolidated for fourth consecutive session on Wednesday as investors awaited the outcome of Federal Reserve policy meeting tonight and pending corporate earnings. The Sensex hit its lowest closing level in more than one week," Deepak Jasani, Head -- Retail Research, HDFC Securities, told IANS.

"Major Asian markets have ended on a positive note, barring Jakarta and Shanghai index. European indices like FTSE 100, DAX and CAC 40 all traded lower."

Anand James, Chief Market Strategist of Geojit Financial Services, said: "Realty continued to fuel optimism, but pharma and banks remained a drag. IT space saw buying, and will take cues from tomorrow's services PMI (Purchasing Managers' Index).

"Though FOMC is less likely to raise rates, global markets remained on the backfoot, which may have kept Indian markets restrained too, but didn't give enough signs that it is too worried either."

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity markets in India, which opened higher, remained rangebound in the intra-day session.

"The Bank Nifty shredded its opening gains and ended into the red due to likely profit booking pressure at higher levels," Desai told IANS.

"PSU Banks saw some momentum, while textile sector stocks outperformed the market sentiments and traded firm."

Sector-wise, the S&P BSE healthcare index fell by 145.40 points, the oil and gas index was down by 97.76 points and the banking index edged down by 95.10 points.

In contrast, the S&P BSE IT index surged by 135.46 points, the Teck (technology, media and entertainment) index rose by 51.39 points and the realty index was up by 30.29 points.

Major Sensex gainers on Wednesday were: Power Grid, up 2.31 per cent at Rs 210.75; Tata Consultancy Services (TCS), up 1.98 per cent at Rs 2,337.40; Infosys, up 1.59 per cent at Rs 935.65; Coal India, up 1.49 per cent at Rs 279.35; and Hindustan Unilever, up 0.71 per cent at Rs 935.30.

Major Sensex losers were: Lupin, down 3.09 per cent at Rs 1,264.20; HDFC, down 1.37 per cent at Rs 1,561.20; ICICI Bank, down 1.16 per cent at Rs 272.75; Tata Motors, down 1.11 per cent at Rs 446.65; and Tata Steel, down 1.03 per cent at Rs 440.65.

--IANS

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