Negative global cues subdue key Indian equity indices

Mumbai, May 22 (IANS) Broadly negative Asian markets, along with high crude oil prices and caution ahead of key quarterly results subdued the Indian equity indices during the morning trade session on Tuesday.

According to market observers, heavy selling was witnessed in metals, automobile and banking stocks.

Around 9.30 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,497.80 points -- down by 18.90 points or 0.18 per cent -- from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 34,601.49 points, traded at 34,574.81 points -- lower by 41.32 points or 0.12 per cent -- from its previous session's close of 34,616.13 points.

Sensex has so far touched a high of 34,659.63 points and a low of 34,563.76 points during the intra-day trade.

On Monday -- the previous trade session -- both the indices closed in the negative territory for the fifth consecutive session, as the formation of a non-BJP government in Karnataka, along with a weak rupee dampened investor sentiments.

Consequently, the NSE Nifty50 closed at 10,516.70 points, down 79.70 points or 0.75 per cent from the previous close of 10,596.40 points.

Similarly, the barometer S&P BSE Sensex settled in the red. It had opened at 34,873.16 points, closed at 34,616.13 points -- down 232.17 points or 0.67 per cent -- from its previous session's close of 34,848.30 points.