Global cues suppress equity markets

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The NSE Nifty50 index was up 11 points at 10,750m while the BSE Sensex was up 105 points at 35,266.

Among other Asian markets, Hong Kong's Hang Seng shed 0.74%, while Shanghai Composite Index lost 0.26% in early trade on Friday.

According to market observers, healthy buying was witnessed in the banking, automobile and FMCG stocks. The Bankex was down 0.13 per cent but the Finance Index was up 0.01 per cent.

In the day's trade, the barometer 30-scrip sensitive index had touched a high of 35,357.15 points and a low of 35,072.42 points.

The BSE market breadth was bearish with 1,575 declines and 1,121 advances. "The weakness seemed to have come on the back of negative global cues", Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

"Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening".

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"The global market is trading weak as USA starts trade talk with China while any escalation of trade war will dampen investor sentiment".

Market participants booked profits at higher levels in opening trade, they added.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in Wednesday's trade, provisional data showed.

Sector-wise, the S&P BSE metal index rose by 109.85 points, followed by the banking index which was up 64.28 points. The mid-cap index fell 1.16 per cent while the small-cap finished lower by 0.84 per cent.

On the other hand, Tata Steel (3.30%), I C I C I Bank (2.58%), Hindustan Unilever (2.49%), Sun Pharmaceutical Industries (2.39%), State Bank Of India (2.29%), and Hero Motocorp (1.91%) were the major losers in the Sensex.

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