Negative global cues subdue equities; healthcare, FMCG stocks plunge

Negative global cues and heavy selling pressure in index heavyweights like ITC, Sun Pharma, Lupin and Axis Bank, among others, pulled the two key Indian equity indices lower during the mid-afternoon trade session on Wednesday.

Sectorwise, the healthcare and FMCG indices plunged into the negative zone.

Around 1.25 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) fell by 24.70 points or 0.25 per cent to trade at 9,927.50 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,713.50 points, traded at 31,709.63 points — down 99.92 points or 0.31 per cent from its previous close at 31,809.55 points.

The Sensex has so far touched a high of 31,713.50 points and a low of 31,586.53 points during the day’s trade.

However, the BSE market breadth was bullish — with 1,312 advances and 1,077 declines.

“The BSE Sensex opened lower on Wednesday against the previous session’s closing. The broader NSE’s Nifty, too, fell in the morning hours. The Indian rupee opened lower against the US dollar,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“US stocks sank yesterday, with the S&P 500 stumbling to its biggest single-day loss in about three weeks. Asian stocks also slipped in the morning trade while the dollar was on the defensive with tensions in the Korean Peninsula showing little signs of abating,” he added.

On Tuesday, the benchmark indices closed on a higher note as positive European markets and persistent purchasing by domestic institutional investors (DIIs) buoyed investors’ sentiments.

The Nifty50 closed at 9,952.20 points — up 39.35 points or 0.40 per cent, while the Sensex closed at 31,809.55 points — up 107.30 points or 0.34 per cent.

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