Mumbai, May 18 (IANS): The Indian equity markets on Thursday traded in the red, tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks.

According to market observers, investors were cautious over the ongoing two-day Good and Services Tax (GST) Council's meet, which will finalise tax slabs on services and commodities in the country.

Around 1 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 51.45 points or 0.54 per cent to 9,474.30 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,466.82 points, traded at 30,562.25 points -- down 96.52 points or 0.31 per cent, from its previous close at 30,658.77 points.

The Sensex has so far touched a high of 30,575.83 points and a low of 30,436.56 points during intra-day trade.

The BSE market breadth was bearish -- with 1,747 declines and 755 advances.

"The equity benchmark indices started off the day on a weak note tracking bearish global cues. Investors remained cautious ahead of the GST panel meet starting from today in Srinagar," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Depreciation of the rupee against the US dollar also pressurised the equity markets in morning trade."

On Wednesday, the BSE Sensex closed at closed at a new high of 30,658.77 points and intra-day high of 330,692.45 points. The NSE Nifty closed at a new high of 9,525.75 points and an intra-day high of 9,532.60 points.

The new intra-day highs of the benchmark indices are also their new 52-week highs.