Value buying, global cues lift Indian equities, banking stocks rise (Roundup)

Views: 33

Mumbai, June 7 (IANS) Value buying, coupled with positive global markets and normal progression of the monsoon, lifted the key domestic equity indices for the second consecutive day on Thursday.

Market observers pointed out that the healthy buying in banking, metal and capital goods stocks supported the key indices’ northward trajectory.

Index-wise, the 30-scrip Sensitive Index (Sensex) of the BSE closed higher by 284 points or 0.81 per cent.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made substantial gains. It edged-higher by 83.70 points or 0.78 per cent to close at 10,768.35 points.

The S&P BSE Sensex, which opened at 35,278.38 points, closed at 35,463.08 points, 284.20 points or 0.81 per cent higher from the previous day’s close at 35,178.88 points.

ALSO READ:   Varun Dhawan compares 'Indian Idol 10' contestant to Salman Khan

The Sensex touched a high of 35,628.49 points and a low of 35,278.38 points in the intra-day trade,

“Positive global cues and sustained buying by domestic institutional investors fuelled the rally,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Broad market indices like the BSE Mid Cap and Small Cap gained more, thereby outperforming the main indices.”

According to Jasani, major Asian markets closed on a positive note, even as European indices like CAC 40 and DAX traded in the green.

Geojit Financial Services Head of Research Vinod Nair said: “The gradual tightening by RBI with a focus to get a balance between inflation and growth has given energy to the market. Mid and small caps outperformed as investors find value buying opportunity after the recent nose dive correction.”

ALSO READ:   Lao central bank warns against cryptocurrency use

“Progressing monsoon and positive outlook on rural economy is giving boost to the economy, which is already showing signs of improvement.”

However, on the currency front, the Indian rupee weakened against the US dollar to 67.13, from its previous close at 66.92 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 525.40 crore, while the domestic institutional investors bought stocks worth Rs 1,197.89 crore.

Sector-wise, the S&P BSE banking index gained 203.88 points, the metal index was higher by 197.01 points and the capital goods index ended 194.94 points higher.

In contrast, S&P BSE consumer durables index was down by 47.16 points.

The major gainers on the Sensex were Tata Steel, up 3.73 per cent at Rs 601.35; Tata Motors, up 3.32 per cent at Rs 305.30; Tata Motors DVR, up 2.80 per cent at Rs 179.80; ICICI Bank, up 2.52 per cent at Rs 290.95; and Axis Bank, up 2.25 per cent at Rs 542.15 per share.

ALSO READ:   Tokyo stocks open higher on yen's softer tone

The top losers were Coal India, down 0.69 per cent at Rs 289.05; IndusInd Bank, down 0.58 per cent at Rs 1,904.70; Kotak Mahindra Bank, down 0.57 per cent at Rs 1,308.45, State Bank of India, down 0.24 per cent at Rs 269.25 and Bharti Airtel, down 0.11 per cent at Rs 379.95 per share.

–IANS

rv/vm

Comments: 0

Your email address will not be published. Required fields are marked with *