Global cues subdue equity markets, metal stocks fall

Mumbai, May 20 (IANS) Mixed global cues subdued India's benchmark stock indices during the pre-noon trade session on Thursday.At 11.50 a.m., the S&P BSE Sensex traded at 49,921.61, higher by 18.97 points, or 0.04 per cent, from its previous close.Similarly, the Nifty50 of the National Stock Exchange traded at 15,014.25, up by 15.90 points, or 0.11 per cent, from its previous close.Besides, both the key indices started on a positive note with a gap up opening, however, ceding their initial gains soon afterwards.Globally, Asian stock markets traded on a mixed note.Sector-wise, losses were witnessed in the metal and oil and gas stocks."After a significant rise in the market on Monday and Tuesday on account of lower Covid infection cases, for last 2 days markets are trading in a narrow range of 200 points (14950-15150). Short-term trend in the market is slightly bearish," said Gaurav Garg, Head of Research at CapitalVia."Markets are expected to be range bound till the time we get a closing outside this range. For today's weekly expiry, Nifty is likely to trade between 14,950-15,100 level."
--IANS rv/sn/skp/