Positive global cues buoy equity markets

Mumbai, June 17 (IANS) Positive global cues, along with value buying and a strong rupee, buoyed the Indian equity markets on Friday.

Consequently, the key indices traded in the green during the mid-afternoon session, as healthy buying was witnessed in automobile, banking and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 23.75 points or 0.29 per cent, at 8,164.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,653.85 points, traded at 26,640.44 points (at 12.45 p.m.) — up 114.98 points or 0.43 per cent from the previous close at 26,525.46 points.

The Sensex has so far touched a high of 26,730.55 points and a low of 26,580.57 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,332 advances and 1,012 declines.

Both the key Indian indices ended lower on Thursday, following negative global cues and profit booking. The barometer index had plunged by 200.88 points or 0.75 per cent, while the NSE Nifty had lost 65.85 points or 0.80 per cent.

“Nifty opened with firm sentiments tracking positive global cues but currently faces resistance at higher levels due to profit booking,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Correction in USD/INR futures is currently supporting the firm movement in Nifty. IT and pharma sector stocks are trading with sideways to bearish sentiments on profit booking while auto sector stocks are trading firm on fresh buying support.”

However, sugar sector stocks traded lower due to the imposition of export duty, he added.

According to Nitasha Shankar, Senior Vice President for Research with YES Securities, broader markets continued to witness active participation and outperformed the headline indices.

“Market breadth is favouring the bulls as broader markets outperform. Major sectorial indices are trading in the green barring the pharma and media index which are trading marginally lower,” Shankar noted.

–IANS

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