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Indian equities slip ahead of F&O expiry; metals, banks dip
Caution ahead of futures and options (F&O) expiry, coupled with prevailing tensions in the Korean Peninsula and profit booking, dragged the key Indian equity indices lower during the mid-afternoon trade session on Wednesday.
Mumbai: Caution ahead of futures and options (F&O) expiry, coupled with prevailing tensions in the Korean Peninsula and profit booking, dragged the key Indian equity indices lower during the mid-afternoon trade session on Wednesday.
According to market observers, mixed Asian markets and heavy selling pressure in banking, metals and healthcare stocks hampered investors' risk-taking appetite.
At 12.42 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) traded below the psychologically important 9,800-level at 9,790.80 points -- down 80.70 points or 0.82 per cent, from its previous session's close.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,785.24 points, traded at 31,327.74 points -- down 272.02 points, or 0.86 per cent, from its previous day's close at 31,599.76 points.
The Sensex has so far touched a high of 31,797.46 points and a low of 31,315.16 points during inta-day trade.
The BSE market breadth was bearish -- with 1,491 declines and 815 advances.
"The benchmark indices extended losses on Wednesday with Nifty50 slipping below its crucial 9,850 mark ahead of the derivative expiry of September series due on Thursday. Mixed trend seen in Asian markets, which hovered near multi-week lows as tensions in the Korean peninsula remain elevated, also contributed to the losses," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
"The dollar retained modest gains after US Federal Reserve chair Janet Yellen boosted expectations for an interest-rate rise in December and ahead of the US president laying out his tax-reform plan. Top gainers on the NSE were Ambuja Cements, Gail and Indian Oil, while top losers were Sun Pharma, Adani Ports and Hindustan Lever," he added.
On Tuesday, the benchmark indices closed marginally in the red on the back of continuous outflow of foreign funds and selling pressure in telecom, Teck (technology, media and entertainment) and FMCG stocks. However, some losses were pared by healthy buying in metals and realty stocks.
The Nifty closed at 9,871.50 points -- down 1.10 points or 0.01 per cent, while the Sensex closed at 31,599.76 points -- down 26.87 points, or 0.08 per cent.
