Negative global cues, profit booking drag markets lower

Profit booking, coupled with negative global markets and lower crude oil prices, dragged the Indian equity markets lower on Friday.

Both the key equity indices provisionally closed the day's trade in the red, as heavy selling pressure was witnessed in automobile, banking and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 88 points or 0.98 per cent to 8,864.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,062.90 points, provisionally closed at 28,797.25 points (at 3.30 p.m.) -- down 248.03 points or 0.85 per cent from the previous close at 29,045.28 points.

The Sensex touched a high of 29,062.90 points and a low of 28,755.08 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears -- with 1,610 declines and 1,143 advances.

On Thursday, both the key Indian indices registered new closing highs, prompted by value buying at lower levels.

The barometer index had edged up 118.92 points or 0.41 per cent to a new 17-month closing high at 29,045.28 points.

Similarly, the NSE Nifty rose by 34.55 points or 0.39 per cent to touch its new 18-month closing high at 8,952.50 points.

--IANS

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