Amidst choppy trade, the Indian equities continued to trade under pressure as uncertainty over the timing of a maiden US interest rate hike, keeps traders jittery, souring risk taking appetite. Early today, Indian equities opened higher on short covering by participants, with consumer durables, realty, auto, banking, IT and FMCG sector stocks leading the recovery.
At 12:20 hours, the BSE SENSEX was trading at 25184.03, down by 17.87 points or by 0.07 per cent, and the NSE Nifty was quoting 12.6 points lower at 7642.45.
In the choppy trade so far, the BSE Sensex touched an intraday high of 25387.32 and intraday low of 25056.8, while the NSE Nifty touched high and low of 7705.05 and 7606.85, respectively.
Hopes of a delayed US Federal Reserve interest rate hike coupled with fresh stimulus injection in China may help revive investor sentiment. Any delay in the US fed rate hikes brightened the hope of a possible rate cut from the Reserve Bank of India (RBI) in its next policy review meet scheduled on September 29.
Leading the decline on the D-Street were GAIL (India) Ltd. (Rs. 274.10,-2.42%), Coal India Ltd. (Rs. 339.70,-2.03%), Lupin Ltd. (Rs. 1832.35,-1.45%), Bharat Heavy Electricals Ltd. (Rs. 204.00,-1.28%), Bharti Airtel Ltd. (Rs. 345.65,-1.20%), among others.
However, some buying were witnessed in stocks, such as Housing Development Finance Corporation Ltd. (Rs. 1171.45,+2.57%), Maruti Suzuki India Ltd. (Rs. 4124.00,+1.35%), Tata Motors Ltd. (Rs. 327.05,+1.30%), Cipla Ltd. (Rs. 656.20,+1.05%), ITC Ltd. (Rs. 317.80,+0.43%), among others.
On the sectoral front, healthcare and metal indices were among top losers on BSE, shedding 1.19 per cent and 1.1 per cent, respectively.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2376, shares advanced were 780 while 1516 shares declined and 80 were unchanged.
On the global front, the Asian equities were trading in red today as traders were unsure over the timing of a US interest rate hike. Shanghai Composite rose today as comments from the Chinese central bank governor over the weekend lifted sentiment. People"s Bank of China Governor Zhou Xiaochuan had predicted an end to the country"s stock turmoil in the near-term, and that state intervention prevented systemic risk and stopped a free-fall. Meanwhile, Hang Seng declined while Japan"s Nikkei 225 was hit by a stronger yen which curbed the lure for exporter stocks.