Indian equities trade marginally lower, IT stocks dip

Mumbai: The Indian equities on Friday traded on a flat-to-negative note during the mid-afternoon session as investors remained cautious amidst global cues, and IT, FMCG and consumer durables stocks faced heavy selling pressure.

Around 12.50 p.m., the Nifty of the National Stock Exchange (NSE) inched down by 12.60 points or 0.13 per cent to 9,634.65 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,196.86 points, traded at 31,167.41 points -- down 45.95 points or 0.15 per cent from its previous close at 31,213.36 points.

It has so far touched a high of 31,200.59 points and a low of 31,087.28 points during intra-day trade.

However, the BSE market breadth was slightly bullish -- with 1,240 advances and 1,205 declines.

"The equity markets are trading flat-to-negative. Yesterday (on Thursday) the US market closed higher after Wall Street digested former FBI (Federal Bureau of Investigation) Director James Comey's testimony. Asian markets traded flat," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Sectoral indices led by IT, Teck, consumer durables, auto, realty, healthcare and banking stocks traded in the negative zone. However, Maruti Suzuki hit a fresh record high intra-day, up nearly two per cent after a media report indicated that the company plans to spend Rs 1,000 crore in land acquisition this year."

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ITC, Infosys and Wipro were among the top losers on the BSE.

On Thursday, the benchmark indices closed on a marginally lower note on the day of British general election and the European Central Bank's (ECB) monetary policy review.

The Nifty inched down by 16.65 points or 0.17 per cent to close at 9,647.25 points. The Sensex closed at 31,213.36 points -- down 57.92 points or 0.19 per cent.