Rate cut hopes buoy equity markets

Mumbai, April 4 (IANS) Hopes of a rate cut in the monetary policy review, coupled with positive macro-economic data and value buying swelled the Indian equity markets on Monday.

The equity markets made healthy gains during the last hour of trade, as a rise in investor participation increased foreign funds inflow and value buying lifted prices.

In the process, equity markets pared their initial losses, which occurred on the back of caution over a likely US rate hike and weak crude oil prices.

Consequently, both the key indices of the Indian equity markets provisionally closed the day’s trade in the green.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended in the positive territory. It inched up by 43 points or 0.56 percent, to 7,756.05 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,333.98 points, provisionally closed at 25,399.65 points (at 3.30 p.m.) — up 130.01 points or 0.51 percent from the previous day’s close at 25,269.64 points.

The Sensex touched a high of 25,424.15 points and a low of 25,223.49 points during the intra-day trade.

The BSE market breadth favoured the bulls — with 1,644 advances and 968 declines.

The barometer index had closed in the negative territory on Friday, the last trade session. It had declined by 72.22 points or 0.28 percent.

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