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Weak global cues dent equity markets, Sensex closes flat

BSE Mumbai-1Mumbai:(IANS) Weak global cues dented investor sentiments at the Indian equity markets, leading to a barometer index closing flat on Monday.

The S&P BSE Sensex, which opened at 26,107.98 points, provisionally closed at 26,194.67 points (at 3.30 p.m.) — down 24.24 points or 0.09 percent from the previous day’s close at 26,218.91 points.

The Sensex touched a high of 26,233.46 points and a low of 25,972.54 points in the intra-day trade.

The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) had gained 255 points or 0.98 percent at 26,218.91 points (on Friday, September 18).

A flat trajectory was also observed at the wider 50-scrip Nifty of the National Stock Exchange (NSE). It fell marginally by 4.80 points or 0.06 percent at 7,977.10 points.

Market observers pointed out that weak global cues emanating out of the Asian markets impacted investor sentiments.

“Due to the absence of any fresh domestic triggers, the markets were solely focused on the international trends. The subdued Asian markets and the lower closing of the US markets on Friday impacted investors’ sentiments here,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

Other market watchers said the global growth concerns couple with a possible US interest rate hike in the later part of 2015 also played negatively on investors sentiments

“The uncertainty related to the US Fed rate hike continues to worry investors coupled with growth concerns,” Vaibhav Agrawal, vice president, research, Angel Broking, told IANS.

“We expect the pressure to continue ahead of the F&O (futures and options) expiry this week.”

Among the Asian markets, Japan’s Nikkei dropped by 1.96 percent, Hong Kong’s Hang Seng fell by 0.75 percent. However, Shanghai Composite Index closed higher by 1.91 percent.

Sector-wise, banking, capital goods and automobile managed to stay afloat. However, fast moving consumer goods (FMCG), consumer durables and oil and gas stocks declined.

The S&P BSE banking index augmented by 167.57 points, capital goods index rose by 71.73 points and automobile index increased by 40.95 points.

The S&P BSE FMCG index receded by 61.56 points, consumer durables declined by 33.65 points and oil and gas index was lower by 27.66 points.

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