Indian equity markets traded on a flat-to-negative note during mid-afternoon trade on Thursday as heavy selling pressure was witnessed in oil and gas, metal and healthcare stocks.
According to market observers, investors remained cautious ahead of assembly elections' exit poll outcome.
Besides, investors were spooked ahead of the European Central Bank (ECB) monetary policy review later in the evening and the US Federal Open Market Committee (FOMC) meet next week.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 10.35 points or 0.12 per cent, to 8,913.95 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,909.70 points, traded at 28,875.72 points (at 1.30 p.m.) -- down 26.22 points or 0.09 per cent from the previous close at 28,901.94 points.
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The Sensex has so far touched a high of 28,928.85 points and a low of 28,815.02 points during the intra-day trade.
The BSE market breadth was marginally tilted in favour of the bears -- with 1,393 declines and 1,219 advances.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to profit-booking.
"Correction in USD/INR futures prices from higher levels provided support to the Indian equity market at current levels," Desai said.
"IT sector stocks faced resistance at higher levels, while banking, pharma, auto, oil-gas, FMCG and power sector stocks traded with bearish sentiments due to profit booking."
On Wednesday, the benchmark indices closed lower on the back of a marginally weak rupee.
The NSE Nifty fell by 22.60 points or 0.25 per cent, to close at 8,924.30 points, and the BSE Sensex was down 96.77 points or 0.33 per cent at 28,902.79 points.
--IANS
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