Indian equities slip, banking stocks face selling pressure

Indian equity markets traded on a lower note during the mid-afternoon trade session on Friday on the back of broadly negative global cues and selling pressure in banking and IT stocks.

Besides, caution prevailed ahead of the 13th GST Council meet to finalise the Goods and Services Tax (GST) rules.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 13.40 points or 0.15 per cent to 9,160.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,633.91 points, traded at 29,586.03 points (at 1.00 p.m.) -- down 61.39 points or 0.21 per cent from the previous close at 29,647.42 points.

The Sensex has so far touched a high of 29,665.24 points and a low of 29,552.61 points during the intra-day trade.

However, the BSE market breadth was bullish -- with 1,527 advances and 947 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, bearish USD/INR futures supported the Indian equity markets at lower levels.

"IT sector stocks faced resistance while pharma, auto, oil-gas, textile and aviation sector stocks traded on a positive note," Desai told IANS.

On Thursday, the benchmark indices closed on a bullish note for the third consecutive trade session.

The NSE Nifty was up 29.95 points or 0.33 per cent at 9,173.75 points while the Sensex closed at 29,647.42 points -- up 115.99 points or 0.39 per cent.

--IANS

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