Initially, the key indices opened on a positive note on Thursday, as value buying supported prices.
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This led to key indices of the Indian equity markets provisionally closing the day’s trade with substantial gains.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged higher by 30 points, or 0.38 percent, at 7,735.50 points.
The Sensex touched a high of 25,245.70 points and a low of 25,061.04 points during the intra-day trade.
Broader markets also performed weak with the BSE mid-cap index ending 1.22 per cent lower and the small-cap falling 0.98 per cent. The barometer index had declined by 207.27 points or 0.81 percent. Nifty was down 43.30 points at 7,692.
Furthermore, the prediction of healthy monsoon rains by global weather forecasters and higher crude oil prices cheered investors. This improved the potential for other key economic legislation getting the green signal and added to the positive vibes.
“The equity markets are trading lower on the back of negative global cues and profit bookings”, Anand James, chief market strategist, Geojit BNP Paribas Financial Services, told IANS.
Indian stock-index futures fell, tracking equity losses in Asia, before a report on USA employment data that may indicate whether the world’s biggest economy can withstand higher borrowing costs.
There is some good news on the reforms front as the Lok Sabha on Thursday passed the Insolvency and Bankruptcy Code Bill 2016, which seeks to improve ease of doing business in the country.
Shares of metal, IT, energy, banking and refinery sectors fell sharply on heavy selling pressure while telecom sectors firmed up on good buying enquiries. The 50-share index was down 32 points at 7,703. In early European trade London and Frankfurt each climbed 0.2 percent but Paris dipped 0.1 percent.
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Benchmark indexes in Hong Kong, Japan and Singapore are down about 1 percent while losses remain modest elsewhere across the region.
