Healthy Q2 results cheer markets; Sensex up 127 points

Mumbai, Oct 19 (IANS) Better-than-expected quarterly results, stable rupee value and recovering Asian markets propelled a barometer index of the Indian equity markets to gain 127 points or 0.47 percent during the mid-afternoon trade session on Monday.

Initially, both the bellwether indices opened higher on the back of last week’s positive momentum on easing concerns over a rate hike possibility in the US this month.

However, caution prevailed over the upcoming quarterly results which included earnings figures of blue chips.

Nevertheless, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains during the intra-day trade. It was higher by 27.20 points or 0.33 percent at 8,265.35 points.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE), which opened at 27,305.62 points, was trading at 27,341.69 points (at 2.30 p.m.) — 127.09 points or 0.47 percent higher from its previous close at 27,214.60 points.

The Sensex has so far touched a high of 27,386.19 points and a low of 27,246.79 points during the intra-day trade.

The barometer index closed the previous trading session on October 16 with gains of 204 points or 0.76 percent.

Analysts pointed out that better-than-expected quarterly results, stable rupee value and recovering Asian indices coupled with easing concerns over a US rate hike buoyed Indian equity markets.

“Better-than-expected quarterly results, strengthening rupee and continuation of last week’s positive momentum due to easing concerns over the US rate hike possibility in October supported the Indian markets,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

“However, caution still prevailed over the upcoming quarterly results. Market gains were capped as investors were seen to chase higher prices.”

Sector-wise, S&P BSE capital goods index receded by 116.72 points, automobile index declined by 70.64 points and banking index was down 43.98 points.

The S&P BSE healthcare index augmented by 194.52 points, oil and gas index gained by 73.99 points and information technology (IT) index surged by 68.64 points.

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