Negative global cues subdue equity markets

Mumbai: Subdued by negative global cues, the Indian equity markets traded in the red during the mid-afternoon session on Friday. Heavy selling pressure was witnessed in banking and capital goods stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down 22.25 points, or 0.26 per cent to 8,569.95 points.  The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,882.75 points, traded at 27,753.32 points (at 1.00 p.m.) -- down 82.59 points, or 0.30 per cent from the previous close at 27,835.91 points.  The Sensex has so far touched a high of 27,935.88 points and a low of 27,745.50 points during the intra-day trade.  The BSE market breadth was tilted in favour of the bears -- with 1,421 declines and 972 advances. On Thursday, both the key Indian indices had closed in the red, as volatility was induced by futures and options (F&O) expiry, coupled with negative global cues. The barometer index had plunged 224.03 points, or 0.80 per cent, while the NSE Nifty slipped by 58.10 points, or 0.67 per cent. Initially on Friday, the benchmark indices opened on a positive note. However, later in the day, negative cues from the global markets led the key Indian indices to cap gains. The markets traded with apprehension as caution prevailed ahead of US Fed Reserve Chair Janet Yellen's speech on Friday -- a pointer to a possible interest rate hike, which can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India.