Slide in crude prices buoy equity indices

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Mumbai, July 17 (IANS) Slide in global crude oil prices along with expectations of healthy quarterly results buoyed key indices of the Indian equity market during the afternoon trade session on Tuesday.

However, broadly negative Asian indices capped gains.

According to market observers, healthy buying was witnessed in oil and gas, consumer durables, automobile and banking stocks.

Around 12.45 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,964.75 points — higher by 0.26 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, traded at 36,369.03 points — higher by 45.26 points or 0.12 per cent — from its previous session’s close of 36,323.77 points.

Sensex has so far touched a high of 36,470.76 points and a low of 36,261.78 points during the intra-day trade.

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“Sensex and NSE’s Nifty 50 traded flat on Tuesday, tracking losses in global equities,” said Dhruv Desai, Tradebulls’ Director and Chief Operating Officer.

“Investors are also likely to be cautious as the International Monetary Fund (IMF) has trimmed India’s growth projection by 0.1 percentage point for 2018-19 owing to high oil prices and a tight monetary policy regime.”

On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.

–IANS

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