Published on 18/05/2017 4:10:17 PM | Source: Reuters
Equity markets slip on weak global cues, auto stocks plunge
After three consecutive days of record highs during the week, the Indian equity markets slipped on Thursday tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks.
According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar, which will finalise tax slabs on services and commodities in the country.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell below its important psychological level of 9,500 points to provisionally close at 9,420.90 points -- down 104.85 points or 1.10 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE shed 252.29 points or 0.82 per cent to provisionally close at 30,406.48 points (at 3.30 p.m.).
The Sensex touched a high of 30,575.83 points and a low of 30,393.72 points during intra-day trade.
The BSE market breadth was bearish -- with 2,043 declines and 702 advances.
On Wednesday, the BSE Sensex closed at a new high of 30,658.77 points after an intra-day high of 330,692.45 points, and the NSE Nifty at a new high of 9,525.75 points with an intra-day high of 9,532.60 points.