Positive cues marginally lifts Indian markets

Mumbai, Jan 14 (IANS) Healthy earning results, coupled with positive European indices and short-covering marginally lifted Indian equity markets during a volatile late-afternoon trade session on Thursday.

This led to a barometer index of the Indian equity markets to trade marginally higher by 21 points.

Initially, both the bellwether indices of the Indian equity markets opened deep in the red, following lower closing of the US markets on Wednesday and further plunge in oil prices.

Sentiments were also negatively impacted as major Asian markets, excluding those of China, ended deep in the red.

However, both indices pared their losses as healthy third quarter (Q3) results, recovering European markets and short-covering restored investors’ risk-taking appetite.

Value buying at lower levels that was prompted by attractive prices supported markets’ upward movement.

The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading marginally higher by 21 points, or 0.08 percent.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading flat. It inched up by 6.35 points or 0.08 percent at 7,568.75 points.

The S&P BSE Sensex, which opened at 24,606.20 points, was trading at 24,874.83 points (2.05 p.m.), up 21 points or 0.08 percent from the previous day’s close at 24,854.11 points.

The Sensex has so far touched a high of 25,018.46 points and a low of 24,473.22 points during the intra-day trade.

In contrast, the S&P BSE market breadth still favoured the bears — with 1,710 declines and 853 advances.

Nitasha Shankar, vice president for research with YES Securities, elaborated that the Indian markets recovered post massive down opening, suggesting buying at lower levels.

“Broader markets continue their underperformance as buying is seen in the large cap index weighted stocks,” Shankar noted.

“PSU (public sector undertakings) banks, reality, auto and metal indices continue to led. IT index is trading in the green.”

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