Indian equity markets rise on value buying

Mumbai, Aug 29 (IANS) Indian equity markets were lifted by sector-specific buying during the mid-afternoon trade session on Monday.

Consequently, the key Indian indices provisionally closed the day’s trade in the green, as healthy buying was witnessed in automobile, capital goods and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up 34.90 points, or 0.41 per cent to 8,607.45 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,827.26 points, provisionally closed at 27,902.66 points (at 3.30 p.m.) — up 120.41 points, or 0.43 per cent from the previous close at 27,782.25 points.

The Sensex touched a high of 27,952.85 points and a low of 27,698.71 points during the intra-day trade.

However, the BSE market breadth was tilted in favour of the bears — with 1,465 declines and 1,220 advances.

“Support came from sector-specific buying which led the markets to rise after a flat trading session,” Manish Hathiramani, Proprietary Trader and Technical Analyst at Deen Dayal Investments, told IANS.

“Good buying was seen in automobile sectors, with Tata Motors leading, providing support to both the Sensex and the Nifty.”

On Friday, both the key Indian indices had closed in the red, due to caution ahead of the US Fed Reserve Chair’s speech and lower crude oil prices.

The barometer index had slipped by 53.66 points, or 0.19 per cent, while the NSE Nifty edged down 19.65 points, or 0.23 per cent.

–IANS

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