Indian equities trade flat, Sensex below 30,000-mark

Mumbai, May 2 (IANS) Indian equity markets traded on a flat note during the mid-afternoon trade session on Tuesday on the back of mixed global cues and heavy selling pressure in healthcare and capital goods stocks.

The barometer 30-scrip BSE Sensitive index (Sensex) and the wider NSE Nifty both slipped below their psychologically important 30,000-mark and 9,300-mark during the intra-day trade.

Investors' were cautious ahead of the two-day US Federal Open Market Committee meet to start later in the evening, and announcement of remaining automobile sales figures and the Purchasing Managers' Index (PMI) data.

At around 12.50 p.m., the Nifty of the National Stock Exchange (NSE) was up a tad 5.85 points or 0.06 per cent at 9,309.90 points.

The BSE Sensex, which opened at 30,021.49 points, traded at 29,917.76 points (at 12.55 p.m.) -- down 0.64 points from its previous close at 29,918.40 points.

The Sensex has so far touched a high of 30,069.24 points and a low of 29,804.12 points during the intra-day trade.

The BSE market breadth was bearish -- with 1,409 declines and 1,258 advances.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices started off the first day of the week on a flat note tracking mixed global cues.

"Both benchmark indices currently traded with selling pressure and extended losses of morning trade. We expect the Indian equities to trade volatile in the second half of the session ahead of US Federal Reserve's two-day policy meeting which begins later in the day," Desai told IANS.

"IT sector stocks outperformed the bearishness of market on strong buying support. Firm USD/INR futures may pressurise the market sentiments."

Last week, the benchmark indices closed on a lower note on the back of huge outflow of foreign funds and weak global cues.

The NSE Nifty fell by 38.10 points or 0.41 per cent to close at 9,304.05 points, while the Sensex closed at 29,918.40 points -- down 111.34 points or 0.37 per cent.

The equity markets were closed on Monday on the occasion of Maharashtra Day.