Mumbai, Aug 31 (IANS) Indian equity markets were pushed higher on Wednesday on fresh buying support, with the key indices rallying for the third consecutive session to touch new 52-week high levels during the intra-day trade.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up 41.85 points, or 0.48 per cent to 8,786.20 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,372.25 points, closed at 28,452.17 points — up 109.16 points, or 0.39 per cent from the previous close at 28,343.01 points.
The Sensex touched a high of 28,532.25 points, a fresh 52-week peak level, and a low of 28,363.10 points during the intra-day trade.
However, the BSE market breadth was marginally tilted in favour of the bears — with 1,377 declines and 1,318 advances.
On Tuesday, the key indices had closed with substantial gains on the back of positive global cues, strong buying support and an appreciating rupee.
The barometer index had gained 440.35 points, or 1.58 per cent, while the NSE Nifty edged up by 139.90 points, or 1.59 per cent.
The benchmark indices initially opened on a flat-to-positive note on Wednesday prompted by mixed cues from Asian and European markets.
However, investors remained hopeful on domestic cues such as the announcement later on Wednesday of the gross domestic product (GDP) data for the first quarter of 2016-17, among others.
Other domestic macro data include the first quarter fiscal deficit data and the eight core industrial output data.
In addition, the upward trend of the indices continued as foreign institutional investors (FIIs) resorted to buying activities, unleashing a fresh inflow of funds.
The indices marginally capped gains due to a sharp up-move in the dollar index and lower crude oil prices and pulled the markets from their peak levels.
Nevertheless, gains in the rupee’s value kept the market sentiment buoyed to close with appreciable gains.
The rupee appreciated by seven paise to 66.96 against a US dollar from its previous close of 67.03 on Tuesday.
“The markets have got a psychological boost and have attracted fresh buyers. The FIIs have been providing support to the domestic markets,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
“Investors are also keeping an eye out on some major economic data, such as the GDP data, fiscal deficit data and the eight core industrial output data that are due for release later today, and the US jobs data on Friday.”
In terms of investments, provisional data with the exchanges showed that the FIIs purchased stocks worth Rs 854.19 crore and the domestic institutional investors (DIIs) bought scrips worth Rs 847.70 crore.
Sector-wise, the S&P BSE banking index augmented by 269.15 points, followed by the capital goods index, which surged by 210.43 points, and the consumer durables index gained 88.63 points.
On the other hand, the S&P BSE metal index plunged by 141.27 points, the healthcare index declined by 68.97 points, and the information technology (IT) index fell by 41.11 points.
Major Sensex gainers during Wednesday’s trade were: Larsen and Toubro (L&T), up 2.71 per cent at Rs 1,513.85; Hero MotoCorp, up 2.13 per cent at Rs 3,547.50; HDFC Bank, up 1.83 per cent at Rs 1,290.75; Tata Motors, up 1.73 per cent at Rs 537.45; and Asian Paints, up 1.09 per cent at Rs 1,159.25.
Major Sensex losers were: Tata Steel, down 1.95 per cent at Rs 370.45; ONGC, down 1.92 per cent at Rs 237.05; Lupin, down 1.71 per cent at Rs 1,483.65; NTPC, down 1.58 per cent at Rs 159.25; and Tata Consultancy Services (TCS), down 1.42 per cent at Rs 2,512.55.