Indian equity markets close higher on positive global cues(Roundup)

Views: 27

Mumbai, July 14 (IANS) The Indian equity markets on Thursday were lifted by positive global cues, especially from the European markets, and also supported by a strong rupee.

The key equity indices closed the day’s trade in the positive territory, with healthy buying witnessed in banking, consumer durables and capital goods sectors.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,857.80 points, closed at 27,942.11 points — up 126.93 points or 0.46 per cent from the previous close at 27,815.18 points.

It touched a high of 27,967.77 points and a low of 27,763.15 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,587 advances and 1,100 declines.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up to 8,565 points — up 45.50 points or 0.53 per cent.

On Wednesday, the benchmark indices closed flat, induced by profit-booking, lower crude oil prices and disappointing macro-economic inflation data.

ALSO READ:   Panneerselvam meets 15th Finance Commission Chairman

Initially on Thursday, the equity indices opened on a flat-to-positive note, triggered by mixed global cues and lower crude oil prices.

However, disappointing macro-economic data released during the day weighed heavy on investors’ sentiments.

An official data disclosed that wholesale inflation surged to 20-month high of 1.62 per cent in June from 0.79 per cent in May due to rise in food prices.

Investors were also seen cautious ahead of the upcoming quarterly earnings season. The IT (information technology) major Infosys is expected to come out with its results on July 15.

The markets witnessed strong buying activity during the later part of the day led by the optimism from the Bank of England’s (BoE) meet for a probable rate cut in the UK.

Moreover, an expected government announcement on the appointment of the next Reserve Bank of India (RBI) governor in the upcoming monsoon session of the parliament boosted investors’ sentiments.

ALSO READ:   TDP exits NDA, moves no-trust motion in LS

Healthy progress of monsoon season, expectations of GST (Goods and Services Tax) getting passed, and a strong rupee supported prices at the lower levels.”After a brief lull, and keeping earnings caution at abeyance, markets roared ahead, mostly fuelled by expectations of GST clearance in the monsoon session of Parliament,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services said.

“It also helped that European markets also rose, greeting the new British Prime Minister. With new RBI governor expected to be announced soon, hopes of a rate cut have also soared, despite firm wholesale price-based inflation.”

In terms of investments, the provisional data with exchanges showed that the foreign institutional investors (FIIs) bought stocks worth Rs 869.84 crore, while the domestic institutional investors (DIIs) divested scrips worth Rs 874.15 crore.

Sector-wise, the S&P BSE banking index surged by 316.46 points, followed by the consumer durables index, which edged up by 259.70 points, and the capital goods index rose by 154.69 points.

ALSO READ:   Buoyed by BJP's rout in by-polls, opposition leaders pitch for grand alliance

On the other hand, the S&P BSE healthcare index declined by 45.33 points, followed by the IT index, which fell by 18.88 points, and the realty index dipped by 2.53 points.

Major Sensex gainers during Thursday’s trade were: ICICI Bank, up 2.72 per cent at Rs 268.25; Maruti Suzuki, up 2.44 per cent at Rs 4,425.55; State Bank of India (SBI), up 2.00 per cent at Rs 231.75; PowerGrid, up 1.82 per cent at Rs 164.75; and Gail, up 1.45 per cent at Rs 395.80.

Major Sensex losers were: ONGC, down 1.53 per cent at Rs 231; Infosys, down 1.45 per cent at Rs 1,175.85; Mahindra and Mahindra, down 1.26 per cent at Rs 1,445.95; Sun Pharmaceuticals, down 1.05 per cent at Rs 770.15; and Cipla, down 0.84 per cent at Rs 510.90.



Comments: 0

Your email address will not be published. Required fields are marked with *