Value buying lifts equity markets

Mumbai, May 16 (IANS) Value buying coupled with short-covering and expectations of further reforms buoyed the Indian equity markets on Monday.

Consequently, the key indices provisionally closed the day’s volatile trade session with appreciable gains. Value buying was triggered during the late market hour after the key indices fell during the intra-day trade.

Healthy buying was witnessed in fast moving consumer goods (FMCG), automobile and healthcare stocks. This countered the negative bias that had prevailed after a key macro-economic data showed a faster rise in annual wholesale inflation.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 43.55 points, or 0.56 percent, at 7,858.45 points.

The barometer 30-scrip BSE sensitive index (Sensex), which opened at 25,528.80 points, provisionally closed at 25,653.23 points (at 3.30 p.m.) — up 163.66 points or 0.64 percent from the previous close at 25,489.57 points.

The Sensex touched a high of 25,688.46 points and a low of 25,351.62 points during the intra-day trade.

The BSE market breadth marginally favoured the bulls with 1,294 advances and 1,266 declines.

Both the key indices had ended on a lower note during the previous trade session on Friday due to disappointing macro-economic data and profit booking.

The barometer index had lost 300.65 points or 1.17 percent, while the NSE Nifty had edged down by 85.50 points or 1.08 percent.

The broader markets, too, closed the day’s trade higher in line with the headline indices.

–IANS

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