Mumbai, March 8 (IANS) Breaking a six-day losing streak, the key Indian equity indices on Thursday surged riding on positive cues from the Asian markets, as well as value buying by investors.
According to market observers, easing prospect of trade wars, along with healthy buying in banking, auto and IT stocks, added to the upward trajectory of the key indices.
Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 44.15 points, or 0.43 per cent, to trade at 10,198.35 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,244.52 points, traded at 33,200.95 points — up 167.86 points, or 0.51 per cent, from its previous session’s close.
The Sensex has so far touched a high of 33,309.36 points and a low of 33,037.48 points during the intra-day trade.
However, the BSE market breadth was bearish with 1,541 declines and 1,003 advances.
“Indian equity markets traded higher on Thursday — snapping a six-day losing streak — on local fund buying tracking positive Asian shares, as worries surrounding a trade war eased on talks of possible US tariff exemptions,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
On Wednesday, heavy selling pressure in banking, capital goods and healthcare stocks, as also negative cues from Asian and European markets, dragged the benchmark indices lower.
The Nifty50 receded by 95.05 points, or 0.93 per cent, to close at 10,154.20 points, while the Sensex closed at 33,033.09 points — down 284.11 points, or 0.85 per cent.