Value buying, key economic decisions lift equity markets

Mumbai, June 15 (IANS) Value buying, key economic decisions and a strong rupee lifted the Indian equity markets on Wednesday.

Consequently, the key indices of the Indian equity markets traded in the green during the late-afternoon session, as healthy buying was witnessed in capital goods, oil and gas, and automobile stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 100.15 points or 1.24 per cent, at 8,209 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,500.79 points, traded at 26,741.79 points (at 3.00 p.m.) — up 346.08 points or 1.31 per cent from the previous close at 26,395.71 points.

The Sensex has so far touched a high of 26,742.75 points and a low of 26,446.59 points during the intra-day trade.

In contrast, the BSE market breadth was skewed in favour of the bears — with 1,545 declines and 953 advances.

Both the key Indian indices had ended on a lower note during the previous trade session on Tuesday. The barometer index had fallen by 1.06 points, while the NSE Nifty had slipped by 1.75 points or 0.02 per cent.

“Value buying after five consecutive days of falls triggered short covering which supported prices,” Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services, told IANS.

“Positive Asian markets, announcements on GST, key cabinet decisions and a stronger rupee restored investors’ confidence,” he added.

–IANS

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