Short covering lifts equity markets

Mumbai, May 30 (IANS) Short covering, along with expectations of healthy quarterly results, nudged the Indian equity markets higher on Monday.

The key indices oscillated in a narrow range after three days of sharp up-move. They provisionally closed with marginal gains with buying witnessed in automobile, metals, and information technology (IT) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 21.85 points or 0.27 percent, at 8,168.40 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,694.75 points, provisionally closed at 26,725.60 points (at 3.30 p.m.) — up 72 points or 0.27 percent from the previous close at 26,653.60 points.

The Sensex touched a high of 26,794.96 points and a low of 26,623.33 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears — with 1,376 declines and 1,234 advances.

The key Indian indices had ended on a higher note during the previous trade session on May 27. They also touched their new six-month intra-day high levels on last Friday.

The barometer index had gained 286.92 points or 1.09 percent, while the NSE Nifty had edged up by 87 points or 1.08 percent.



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