Equity indices slip amid weak global cues, Tata Motors drops 4 pc

Mumbai, May 14 (ANI):Equity benchmark indices traded nearly 1.5 per cent lower during early hours on Thursday amid weak global cues after US Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic. Besides, a top World Health Organisation official said the virus may never go away. A day earlier, Finance Minister Nirmala Sitharaman gave out break-up for a part of the Rs 20 lakh crore economic stimulus announced by Prime Minister Narendra Modi. But that did not seem to cheer investors. At 10:15 am, the BSE S and P Sensex was down by 497 points or 1.55 per cent at 31,512 while the Nifty 50 edged lower by 136 points or 1.45 per cent at 9,248. Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty IT down by 2.3 per cent, auto by 1.6 per cent and financial service by 1.4 per cent. Among stocks, Tata Motors lost by 4 per cent to Rs 83.70 per share and Mahindra and Mahindra