Negative global cues subdue equity indices

Negative global cues pulled the key Indian equity indices -- the NSE Nifty 50 and the BSE Sensex -- lower during mid-afternoon trade on Monday.

According to market observers, subdued global benchmark indices coupled with foreign fund outflows eroded investors' risk-taking appetite.

Heavy selling pressure was witnessed in IT, healthcare and automobile stocks.

The BSE Sensex and NSE Nifty had opened higher on Monday against their respective previous sessions' close. The Indian rupee also opened on a slightly stronger note against the US dollar.

At 1.45 p.m., the 30-scrip Sensitive Index (Sensex) declined by 105 points or 0.34 per cent.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded lower by 23.65 points or 0.24 per cent at 9,813.75 points.

The Sensex of the BSE, which opened at 31,609.93 points, traded at 31,418.75 points (at 1.45 p.m.), lower by 105.93 points or 0.34 per cent from Friday's close at 31,524.68 points.

The Sensex touched a high of 31,641.81 points and a low of 31,385.32 points in the trade so far.

"Indian indices erased all the morning gains as Asian and European indices turned negative in trade," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Spot Nifty holding 9,800 points for the day, is a very important support, closing below the said level can drag the market to 9,750-9,725 points levels," Desai said.