Equity indices in red; consumer durables, auto stocks slump

Mumbai: The key Indian equity indices traded in the red zone on Monday afternoon due to weak global factors, including rising crude oil prices.

According to market analysts, heavy selling pressure was witnessed in the consumer durables, auto and healthcare stocks.

After opening on a flat note, the indices had traded higher earlier in the day but were unable to hold on to the gains for long.

At 1.03 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,536.45 points, down 59.95 points or 0.57 per cent from the previous close of 10,596.40 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,873.16 points, traded at 34,689.50 points (1.03 p.m.) — down 158.80 points or 0.46 per cent — from its previous session’s close of 34,848.30 points.

The Sensex has so far touched a high of 34,973.95 and a low of 34,650.50 points. The BSE market breadth was bearish with 1,907 declines against 589 advances so far.

“Equity markets opened flat-to-negative and is trading with volatility as current investors are worried and staying cautious ahead of over political uncertainty in Karnataka, higher US bond prices and rising oil prices and earnings season,” said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

So far, the major gainers on the BSE were TCS, Coal India, State Bank of India, ICICI Bank and ONGC, while Dr Reddy’s Lab, Yes Bank, Sun Pharma, Tata Motors (DVR) and Adani Ports were the major losers.

On the NSE, the top gainers were Tata Consultancy Services, ICICI Bank and Bharti Infratel. The major losers were UPL, Yes Bank and Dr Reddy’s Lab.