Indian equity markets slip on profit booking

The Indian equity markets traded on a flat-to-negative note during the mid-afternoon trade session on Thursday.

Profit booking and negative global cues dented investors' sentiments. Heavy selling pressure was witnessed in banking and automobile stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 10.35 points or 0.12 per cent to 8,716.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,398.33 points, traded at 28,347.06 points (at 1 p.m.) -- down 25.17 points or 0.09 per cent from its previous close at 28,372.23 points.

The Sensex has so far touched a high of 28,432.74 points and a low of 28,311.11 points during the intra-day trade.

However, the BSE market breadth was slightly tilted in favour of the bulls -- with 1,340 advances and 1,155 declines.

On Wednesday, both the key Indian indices had closed on a flat note prompted by negative global cues, outflow of foreign funds and disappointing macro-data.

The barometer index had risen by 18.69 points or 0.07 per cent, while the NSE Nifty edged up by 11 points or 0.13 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty faced volatile movement tracking volatility in USD/INR futures prices.

"IT stocks witnessed recovery from lower levels due to firm USD/INR. Aviation stocks traded with sideways to firm sentiments on lower crude oil prices," Desai said.

"Banking stocks traded with mixed sentiments. Pharma and auto stocks traded with mixed sentiments on profit booking. Oil-gas and textile stocks faced profit booking at higher levels."

--IANS

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