Selling pressure, caution over GST dent equity markets
The Indian equity markets traded in the red during the mid-afternoon session on Friday as broadly negative global cues, coupled with caution ahead of the Goods and Services Tax (GST) implementation and heavy selling pressure in automobile, capital goods, oil and gas and banking stocks subdued investor sentiments.
At 1.00 p.m., the wider Nifty of the National Stock Exchange (NSE) fell by 45.40 points, or 0.47 per cent, to 9,584.60 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,352.57 points, traded at 31,171.46 points -- down 119.28 points, or 0.38 per cent, from its previous close at 31,290.74 points.
The Sensex has touched a high of 31,365.39 and a low of 31,128.36 points during intra-day trade.
"Equity benchmarks opened flat but the momentum is negative today and during the first half of session, Nifty has not tried to bounce back from the fall that started after opening flat," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
"Asian markets are trading mixed. Caution has set in as investors waited for the launch of the GST due on July 1."