Key Indian equity indices surge 1 percent on global cues

Mumbai, Dec 23 (IANS) Key Indian equity markets indices opened higher on Wednesday, in cue with Asian peers, as investors looked for fresh positions after profit taking the previous day. An hour into trading, they surged ahead even further.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 25,697.66 points, against the previous close at 25,590.65 points on Tuesday, was ruling at 25,844.46 points with a gain of 253.81 points or 0.99 percent.

At the National Stock Exchange (NSE), the broader 50-share Nifty was ruling at 7,859.25 points, with a gain of 73.15 points, or 0.94 percent.

On Tuesday, the Sensex, which had opened at 25,731.07 points, closed with a loss of 145.25 points or 0.56 percent. Similarly, the wider 50-scrip Nifty closed lower by 48.35 points or 0.62 percent.

Most Asian indices also inched up on Wednesday.

“US indices ended the day firmly in positive territory but off their highs for the session. The strength on Wall Street partly reflected optimism about the possibility of further Chinese stimulus following statements from government officials,” Angel Broking said in an analysis ahead of the opening bell.

“An increase by the price of crude oil also generated some buying interest, with crude for February delivery rising $0.33 to $36.14 a barrel in its first day as the front-month contract. European markets closed with mixed results as the gains and losses were rather modest, due to the light trading action,” it said.

“The approaching holiday season has many investors away from their desks. Energy and resource stocks were among the best performing stocks. Indian shares fell on profit taking Tuesday after the previous session’s rally and amid caution ahead of Christmas break.”

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