Profit booking, global cues dent indices; realty, IT stocks plunge

Mumbai, Sep 28 : Profit booking along with mixed global cues subdued India's key equity indices during Tuesday's afternoon trade session.

Besides, higher crude oil prices and US Fed tapering fears dented market sentiments.

Sector wise, power, oil and gas and metal indices gained the most while realty, IT and telecom indices fell.

At around 12.30 p.m., S&P BSE Sensex traded at 59,485.87 points, lower by 592.01 points or 0.99 per cent from its previous close.

Similarly, NSE Nifty50 edged lower. It fell to 17,704.80 points, lower by 150.30 points or 0.84 per cent from its previous close.

"Nifty erased all opening gains on Sept 28 and was trading in the negative at noon," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Mixed Asian stocks as US treasury yields climbed with investors pricing in the start of Federal Reserve tapering, elevated energy prices stoking inflation concerns and power shortage in China, dented sentiments."

According to Gaurav Garg, Head of Research, CapitalVia Global Research: "Asian stocks opened lower on Tuesday following the risk of a US government shutdown. Traders will get encouragement as ratings agency ICRA estimated India's GDP growth to 9 per cent from the earlier 8.5 per cent."

"Some support will come as Commerce and Industry Minister said export figures have hit $185 billion as of September 2021. Our research suggests that 17,750 is an important level in the market."