Global cues subdue key equity indices; Vedanta scrips fall (Lead)

Mumbai, May 23 (IANS) Weakness in global markets along with concerns of renewed geopolitical and trade tensions subdued the key Indian equity indices on Wednesday afternoon making the bourses trade on a flat-to-negative note.

According to market observers, heavy selling was witnessed in oil and gas and metal stocks.

However, healthy buying activity in capital goods, banking and IT stocks arrested futher downslide on the indices.

At 12.49 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,514.35 points, down 22.35 points or 0.21 per cent from the previous close of 10,536.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,656.63 points, traded at 34,626.50 points (12.50 p.m.) -- down 24.74 points or 0.07 per cent -- from its previous session's close of 34,651.24 points.

The Sensex has so far touched a high of 34,668.47 points and a low of 34,520.65 points.

The BSE market breadth, however, was bullish with 1,358 advances and 1,035 declines so far.

"Equity markets opened mixed following Asian indices, after the US markets closed in red following negative reactions by President Trump on the ongoing US-China talks, and sudden change in decisions of not having the peace talks with North Korean leader in Singapore," said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

So far, the major gainers on the BSE were State Bank of India (SBI), ICICI Bank, Tata Motors, Sun Pharma and NTPC while Tata Steel, Dr Reddy's Lab, ONGC, IndusInd Bank and Kotak Mahindra Bank were the major losers.

On the NSE, the top gainers were SBI, Cipla and ICICI Bank. The major losers were Hindustan Petroleum, BPCL and Vedanta. 

Shares of Vedanta declined both on the BSE and NSE as protests against its Sterlite Copper project in Tamil Nadu took a violent turn and nine people died, including a girl, in police firing on Tuesday.

At 12.54 p.m., Vedanta's shares on the BSE were trading at Rs 257.5 per share, down 12 points or 4.45 per cent from its previous close.