Value buying lifts equity indices; banking, IT stocks surge

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Mumbai, May 24 (IANS) Value buying lifted the key equity indices on Thursday, after they slumped around one per cent in the previous session.

According to market observers, healthy buying was witnessed in banking, IT and Teck (technology, entertainment and media) stocks. IT stocks surged due to a depreciating rupee, they said.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,513.85 points — up 83.50 points or 0.80 per cent from its previous close of 10,430.35 points.

The barometer 30-scrip Sensitive Index (Sensex) also jumped nearly one per cent. It had opened at 34,404.14 points and closed at 34,663.11 points (3.30 p.m) — higher by 318.20 points or 0.93 per cent from its previous session’s close of 34,344.91 points.

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On intra-day basis, the Sensex touched a high of 34,741.46 points and a low of 34,367.83 points. The BSE market breadth was, however, slightly tilted towards the bears with 1,355 declines and 1,284 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Infosys, Axis Bank and Tata Steel, while Tata Motors, ONGC, Tata Motors (DVR), Bajaj Auto and Maruti Suzuki were the major losers.

On the NSE, the top gainers were Infosys, Bharti Airtel and TCS. The major losers were ONGC, Tata Motors and Grasim Industries.

–IANS

rrb/nir

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