Global cues, weak rupee subdue equity indices; banking stocks fall

Broadly negative global cues along with weakness in the Indian rupee subdued the key Indian equity indices on Monday.

According to market observers, heavy selling pressure was witnessed in banking and oil and gas stocks.

Both the key indices -- S&P BSE Sensex and the NSE Nifty50 -- however, trimmed major losses made earlier in the day.

At 1.34 p.m., the wider Nifty 50 of the National Stock Exchange (NSE) traded at 11,396.50 points lower by 33 points or 0.29 per cent from its previous close.

Similarly, the benchmark S&P BSE Sensex traded in the red. It had opened at 37,693.19 points and traded at 37,764.58 points (1.34 p.m.) lower by 104.65 points or 0.28 per cent from its previous close of 37,869.23 points.

So far, it has touched an intra-day high of 37,771.77 points and a low of 37,559.26 points.

Sector-wise, S&P BSE consumer durable gained 171.68 points and the IT index rose 128.41 points so far. On the other hand, the S&P BSE banking index declined by 288.43 and the oil and gas index fell by 87.72 points.

The major gainers on the Sensex so far were Coal India followed by Sun Pharma and Mahindra and Mahindra. The major losers were Vedanta, State Bank of India and Tata Motors (DVR).

--IANS

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