Subdued global cues as well as profit booking dragged India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- lower during the post-noon trade session on Friday.
At the start of the day's trade, the two indices opened almost flat but rose in the initial minutes to make intra-day high. However, they fell soon after and made an intraday low post noon. Globally, Asian stock markets were mostly subdued following the broadly negative cues.
On the domestic front, volumes on the NSE are below recent averages. Amongst sectors Metals led the gainers while Realty, Banks and Auto indices fell the most. Consequently, at 1.20 p.m. Sensex traded at 58,575.07, down by 212.95 points or 0.36 per cent.
Similarly, Nifty fell during the infra-day trade session. It was down by 61.50 points or 0.35 per cent to 17,498.70 points "While some recovery in the Nifty cannot be ruled out, it will find it difficult to close in the positive," said Deepak Jasani, Head of Retail Research, HDFC Securities.
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According to Gaurav Garg Head of Research CapitalVia Global Research, "the market is currently in a bearish state, with the Nifty 50 hovering around 17520." "As a result of the Nifty50's inability to attain and keep a level above 16650, we are seeing a market correction."
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