Mumbai: Disappointing domestic macro-economic data, along with below-than-expected quarterly results and profit booking, dragged the Indian equities markets lower during the mid-afternoon trade session on Monday.
Investors’ sentiments were subdued on the back of disappointing IIP (Index of Industrial Production) data released after the markets closed on Friday, which showed that the country’s factory output contracted by (-)0.4 per cent during December, 2016.
Besides, caution prevailed ahead of the release of key macro-economic inflation data points the Consumer Price Index (CPI) and Wholesale Price Index (WPI) slated to be released on February 13 and 14.
The key indices traded in the red, as heavy selling pressure was witnessed in consumer durables, capital goods and healthcare stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 20.35 points or 0.23 per cent to 8,773.20 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,450.42 points, traded at 28,282.99 points (at 1.30 p.m.) down 51.26 points, or 0.18 per cent, from the previous close at 28,329.70 points.
The Sensex has so far touched a high of 28,458.80 points and a low of 28,197.38 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bears with 1,808 declines and 927 advances.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with bearish sentiments due to profit booking.
“IT stocks faced resistance at higher levels, while most banking, pharma, auto, oil-gas, textile and aviation stocks traded with bearish sentiments,” Desai said.
“FMCG, cement and power stocks also faced selling pressure at higher levels.”
On Friday last week, the NSE Nifty inched up by 15.15 points or 0.17 per cent to close at 8,793.55 points, and the BSE Sensex was up a miniscule 4.55 points, or 0.02 per cent, at 28,334.25 points.
