Weak global cues subdue equity markets

Mumbai, April 19 (IANS) Weak global cues and caution over the ongoing fourth quarter results season subdued the Indian equity markets during the mid-afternoon trade session on Wednesday.

According to market observers, heavy selling pressure witnessed in banking and IT stocks dragged the equity markets lower.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 12.65 points or 0.14 per cent to 9,092.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,369.90 points, traded at 29,302.55 points (around 1.15 p.m.) -- lower by 16.55 points or 0.06 per cent from the previous close at 29,319.10 points.

The Sensex has so far touched a high of 29,373.55 points and a low of 29,241.48 points during the intra-day trade.

"Equity benchmark indices started off the day on a negative note tracking bearish global cues. Currently, both the key indices are trading with bearish sentiments," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Most pharma stocks are trading with firm sentiments lead by Sun Pharma. Banking stocks are currently witnessing recovery from day's lows."