Mumbai, Sep 16 (IANS) Reduced chances of a US rate hike, coupled with foreign fund inflows and value buying, lifted the Indian equity markets on Friday.
Besides, healthy macro-economic data on foreign trade and positive Asian markets aided in the initial upward trajectory. However, a correction in the key European indices and the upcoming rate-setting meeting of the US Fed capped gains.
Both the key indices provisionally closed with gains of around half a per cent each, as healthy buying was witnessed in automobile, IT and oil and gas stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 37.30 points or 0.43 per cent to 8,779.85 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,520.30 points, provisionally closed at 28,599.03 points (at 3.30 p.m.) — up 186.14 points or 0.66 per cent from its previous close at 28,412.89 points.
The Sensex touched a high of 28,778.64 points and a low of 28,494.59 points during the intra-day trade.
However, the BSE market breadth was marginally tilted in favour of the bears — with 1,421 declines and 1,323 advances.
On Thursday, both the key Indian indices had closed on a flat-to-positive note, on the back of short covering, coupled with value buying at lower levels and inflow of foreign funds
The barometer index had risen by 40.66 points or 0.14 per cent, while the NSE Nifty edged up by 15.95 points or 0.18 per cent.