Profit Booking, Global Cues Drag Equity Markets Lower  

Mumbai: Profit booking, negative global cues and a weakened rupee depressed the Indian equity markets on Tuesday. A day after Cyrus P Mistry was removed as Chairman of Tata Sons, scrips of Tata Group's many subsidiaries pared some of their initial losses during the trade session, but still ended in the red.

The wider 51-scrip Nifty fell by 17.65 points or 0.20 per cent to 8,691.30 points. The barometer 30-scrip Sensex closed at 28,091.42 points down 87.66 points or 0.31 per cent from the previous close at 28,179.08 points.

Opened at 28,159.09 points, Sensex touched a high of 28,211.41 points and a low of 28,013.69 points during the intra-day trade. The BSE market breadth was firmly in favour of the bears with 1,446 declines and 1,344 advances.

On Monday, the equity markets closed in the green due to positive global cues, bargain hunting and a strengthened rupee. The barometer index had gained 101.90 points or 0.36 per cent to close at 28,179.08 points, while the NSE Nifty inched up by 15.90 points or 0.18 per cent to 8,708.95 points.

Rupee Falls 8 Paise Against Dollar

The rupee on Tuesday lost 8 paise to 66.93 against the US dollar at the forex market in the wake of increased demand for the American unit amid foreign capital outflows. Besides the demand from importers and banks, a stronger dollar against currencies overseas because of increased prospects a US interest rate hike and a lower opening in the domestic equity market weighed on the domestic currency, dealers said. The rupee had closed higher by four paise to 66.85 Monday on the back of fresh selling of the US dollar by exporters.

Source: IANS/ PTI