Sensex Edges Lower On Weak Global Cues, Nifty Hovers Around 9,500

Sensex Edges Lower On Weak Global Cues, Nifty Hovers Around 9,500

The Sensex and Nifty edged lower in morning deals today, tracking selling pressure in banking and real estate shares amid weak global cues. Asian shares slumped after Wall Street was knocked hard in the wake of a delay to a US healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan’s Nikkei share average also slipped 0.2 percent.

Back home, selling pressure was visible across the board with banking, FMCG, real estate, infrastructure and energy indices falling between 0.4 and 1.4 per cent each.

From the Nifty basket of shares, 27 were trading lower while 24 were among the gainers. Asian Paints was the top Nifty loser, down 1.66 per cent at Rs. 1,115. ACC, Zee Entertainment, Ambuja Cements, ITC, State Bank of India, Bank of Baroda, Reliance Industries and Hindustan Unilever were also among the laggards. On the other hand, BPCL, GAIL India, Tech Mahindra, Vedanta, Maruti Suzuki and Coal India were among the gainers.

The broader markets were also facing the heat of selling pressure as the BSE mid-cap index fell 0.37 per cent and the small-cap index declined 0.52 per cent.

The overall market breadth was neutral as 609 shares were advancing while 766 were declining on the BSE.

As of 9:29 am, the Sensex was down 6 points at 30,952 and Nifty was at 9,509, down 3 points.