Global cues buoy equity markets

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Mumbai, Oct 10 (IANS) Reduced chances of a US rate hike, coupled with broadly positive Asian indices, lower crude oil prices and a strengthened rupee, buoyed the Indian equity markets during the late afternoon trade session on Monday.

However, gains were capped by profit booking, negative European markets and caution ahead of key quarterly earnings’ results.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 16.10 points or 0.19 per cent to 8,713.70 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,144.28 points, traded at 28,086.71 points (at 2.35 p.m.) — up 25.57 points or 0.09 per cent from the previous close at 28,061.14 points.

The Sensex has so far touched a high of 28,216.64 points and a low of 28,083.39 points during the intra-day trade.

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The BSE market breadth was tilted in favour of the bulls — with 1,678 advances and 1,104 declines.

On last Friday, both the key Indian indices were pulled lower by negative global indices, caution ahead of earnings’ announcements and profit booking.

The barometer index had closed lower by 45.07 points or 0.16 per cent to 28,061.14 points, while the NSE Nifty surged by 11.95 points or 0.14 per cent to 8,697.60 points.

“CNX Nifty traded firm on the back of bearish USD/INR futures prices. Sector-wise, IT stocks traded with sideways sentiments. Banking and pharma stocks faced profit booking at higher levels and traded with mixed sentiments,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

“Auto, oil-gas and aviation stocks traded with mixed sentiments due to profit booking. However, textile and cement stocks traded firm on buying support.”

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