Global cues subdue equity indices; oil and gas stocks' slip

Mumbai, August 20: Negative global cues subdued India's key equity market indices' during the mid-afternoon trade session on Friday.

Initially, market indices' opened a gap down in line with losses in the Asian markets.

The two key indices later tried to recover, making a higher bottom on an intraday basis.

Consequently, the S&P BSE Sensex at 1.10 p.m. traded fell to 55,286.25, lower by 343.24 points or 0.62 per cent from its previous close.

Similarly, the NSE Nifty50 traded lower. It fell to 16,433.10, lower by 135.75 points or 0.82 per cent from its previous close.

"The advance decline ratio fell sharply to the lowest since April 12. Metals and Realty sectors have fallen sharply, while FMCG is the only one in the green," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Nifty has shown some range bound moves around noon waiting for the European markets to open."

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "Indian benchmark had a cautious start today with slight negativity in the market around level of 16,500 as there is a fall in crude oil price in Asian markets."

"The recent weakness in Asian equity markets is also partly driven by the strengthening of the US dollar as the market prepares for the gradual reduction of monetary stimulus."