Positive global cues buoy equity markets

Mumbai, Sep 8 (IANS) Positive global cues, healthy inflow of foreign funds and a rise in global crude oil prices buoyed the Indian equity markets during the mid-afternoon trade session on Thursday.

However, the gains were capped due to profit booking at higher levels and caution ahead of a key global financial event.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up 14 points or 0.16 per cent to 8,931.95 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,929.46 points, traded at 28,984.12 points (at 2.15 p.m.) — up 57.76 points or 0.20 per cent from the previous close at 28,926.36 points.

The Sensex has so far touched a high of 29,018.75 points and a low of 28,854.56 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,545 advances and 1,072 declines.

On Wednesday, both the key Indian indices closed flat due to profit booking and caution on the eve of the ECB (European Central Bank) meet.

The barometer index had edged down by 51.66 points or 0.18 per cent, while the NSE Nifty slipped by 25.05 points or 0.28 per cent.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls stated that the CNX Nifty traded with sideways sentiments.

“IT stocks traded down, while banking and pharma stocks held the initial gains due to buying support,” Desai said.

“Aviation stocks traded with sideways to bearish sentiments due to profit booking. Oil and gas stocks faced resistance at higher levels due to profit booking.”

–IANS

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