Mumbai, Nov 18 | Negative global cues coupled with inflationary concerns and light profit-booking weakened India’s major stock indices – the S&P BSE Sensex and NSE Nifty 50 – during the afternoon trading session on Thursday.
Initially both the indices opened with a positive outlook.
All sectors traded in the red with losses leaders in metals, capital goods, auto, IT and healthcare.
At 2.30 pm, BSE’s S&P BSE Sensex was trading at 59,665.68 points, down 342.65 points or 0.57 per cent.
It opened at 60,179.93 points against the previous close of 60,008.33 points.
Similarly, the broader 50-point Nifty was trading lower on the National Stock Exchange (NSE).
During the trading session, it was trading at 17,778.45, down 120.80 points or 0.67 percent.
Deepak Jasani, Head of Retail Research, HDFC Securities said, “Global markets are mild to moderate downside as traders weighed risks for a global correction on the prospect of sharp monetary-policy tightening to tackle inflation.”
“Nifty has not yet crossed the fall of 17,613 and hence a major bearish move can be ruled out for now.”
Likita Chepa, Senior Research Analyst, Capital Via Global Research, said: “Domestic sentiment is driven by inflationary pressures partly driven by growth in energy prices as well as negative cues from other Asian markets.
“Our research suggests that if the 58,900-59,300 level can act as an important support in the market. If the market holds above 58,900, we can expect it to move further into the 58,900-60,200 range. Will do business.
Source: IANS