Mumbai, Oct 25 (IANS): Profit booking, negative global cues and a weakened rupee depressed the Indian equity markets during the mid-afternoon trade session on Tuesday.
Besides, scrips of Tata Group's subsidiaries pared some of their initial losses during the mid-afternoon trade session, but still traded in the red, a day after Cyrus P. Mistry was removed as the Chairman of Tata Sons.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 13.45 points or 0.15 per cent to 8,695.50 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,159.09 points, traded at 28,086.93 points (at 2.30 p.m.) -- down 92.15 points or 0.33 per cent from the previous close at 28,179.08 points.
The Sensex has so far touched a high of 28,211.41 points and a low of 28,013.69 points during the intra-day trade.
The BSE market breadth was firmly in favour of the bears -- with 1,409 declines and 1,291 advances.
On Monday, the equity markets closed in the green due to positive global cues, bargain hunting and a strengthened rupee.
The barometer index had gained 101.90 points or 0.36 per cent to 28,179.08 points, while the NSE Nifty inched-up by 15.90 points or 0.18 per cent to 8,708.95 points.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls: "CNX Nifty traded with bearish sentiments due to profit booking. IT, banking, auto and oil-gas stocks faced profit booking at higher levels."
"However, pharma, textile, aviation and media entertainment stocks traded firm on buying support from traders."
Desai added that firm "USD/INR" futures prices pressurised the movement of Nifty.
According to Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services: "Broadly negative Asian markets and an appreciation in the US dollar, as well as lower than expected quarterly results lent a weak bias, while state owned banks were seen dragging their feet after FM's comments yesterday on NPA."
"However, with more private sector banks scheduled to come out with numbers, and value buying was seen at lower levels arresting falls."