Selling pressure, caution over Goods and Services Tax dent equity markets

Mumbai : The Indian equity markets traded in the red during the post-afternoon session on Tuesday, as caution ahead of the Goods and Services Tax (GST) launch and heavy selling pressure in banking, capital goods and automobile stocks subdued investors' sentiments.

At 1.10 p.m., the wider Nifty of the National Stock Exchange (NSE) fell by 62.70 points, or 0.65 percent, to 9,512.25 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,194.68 points, traded at 30,996.19 points -- down 172.02 points, or 0.55 percent, from its previous close at 31,138.21 points.

The Sensex has so far touched a high of 31,294.96 and a low of 30,957.47 points during intra-day trade.

"Equity benchmarks started off on a positive note. However, gains were ceded on the back of profit booking and caution over GST implementation," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Except for FMCG and consumer durables, all other sectors traded in the red with oil and gas, auto and metals bearing most of the brunt."