Global cues, banks stocks drag Indian equities lower

Mumbai: Negative global cues, coupled with heavy selling pressure in banking and metal stocks, dragged the Indian equity markets lower on Thursday.

Stocks of banking majors like State Bank of India, Axis Bank and ICICI Bank and were among the top losers on the BSE.

The wider Nifty50 of the National Stock Exchange (NSE) held on to the psychologically important 10,000-mark and provisionally closed at 10,004.35 points- down 77.15 points or 0.77 percent (at 3.30 p.m.).

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,502.55 points, closed at 32,237.88 points- down 238.86 points, or 0.74 percent- from its previous close at 32,476.74 points.

The Sensex touched a high of 32,502.55 points and a low of 32,194.58 points during intra-day trade.

The BSE market breadth was bearish with 1,793 declines and 827 advances.

On Wednesday, the benchmark indices were pulled lower to close on a subdued note on the back of broadly negative European markets and profit booking.

The Nifty fell by 33.15 points, or 0.33 percent, to close at 10,081.50 points, while the Sensex closed at 32,476.74 points - down 98.43 points, or 0.30 percent.