Indian equities trade lower on negative global cues

Mumbai July 7 (IANS) Negative global cues and selling pressure in banking IT and finance stocks pulled the Indian equity markets lower during the mid-afternoon trade session on Friday.Around 12.55 p.m. the wider Nifty of the National Stock Exchange (NSE) was trading at 9 656.50 points -- lower by 18.05 points or 0.19 per cent.The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 373.52 points was trading at 31 327.56 points -- down 41.78 points or 0.13 per cent from its previous close at 31 369.34 points.The Sensex had so far touched a high of 31 394.16 points and a low of 31 286.62 points during the intra-day trade.However the BSE market breadth was bullish -- with 1 340 advances and 1 147 declines."Equity benchmarks opened slightly negative in red following global cues. Index heavyweights such as HDFC and ITC were dragging the major market indices lower during morning hours " said Dhruv Desai Director and Chief Operating Officer of Tradebulls.On Thursday strong buying activity in banking automobile and FMCG stocks lifted the benchmark indices for the second consecutive session despite global cues remaining broadly negative.The Nifty rose by 36.95 points or 0.38 per cent to close at 9 674.55 points while the Sensex of the BSE closed at 31 369.34 points -- up 123.78 points or 0.40 per cent.--IANSppg/dg