Equity indices trade in red, metal stocks lag

Negative Asian indices, along with disappointing domestic macro-data and heavy selling pressure in metal, consumer durables and FMCG stocks, pulled the key Indian equity indices lower during the mid-afternoon trade session on Wednesday.

According to market observers, index heavyweights like ONGC, Sun Pharma, ITC and Tata Steel were amongst the prominent losers on the BSE.

At 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 45.60 points, or 0.45 per cent, at 10,141 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,944.94 points, traded at 32,820.25 points -- down 121.62 points or 0.37 per cent -- from Tuesday`s close.

The Sensex has so far touched a high of 32,944.94 points and a low of 32,807.77 points during intra-day trade.

The BSE market breadth was bearish -- 1,543 declines and 950 advances.

"The benchmark indices were trading lower on Wednesday tracking negative trend seen in Asian markets after weaker crude oil prices took a toll on Wall Street. India`s trade deficit widened to almost a 3-year high of $14 billion last month as imports surged," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Metal stocks suffered the most following the decline in metal prices in the global market. Sun Pharma suffered the most among Sensex components by tumbling 2.54 per cent after the pharma major on Tuesday reported a big drop in consolidated net profit," added Desai.

On Tuesday, the benchmark indices closed in the red for the second consecutive session.

The NSE Nifty50 dipped by 38.35 points, or 0.38 per cent, to close at 10,186.60 points, while the Sensex closed at 32,941.87 points -- down 91.69 points or 0.28 per cent.