Value buying lifts equity markets higher (Roundup)

Views: 44

Mumbai, April 11 (IANS) The Indian equity markets made healthy gains on Tuesday as value buying re-emerged after consecutive sessions of consolidation.

However, gains were capped due to caution over the rising tensions in the Middle East and political uncertainty in Europe.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 55.55 points or 0.61 per cent to close at 9,237 points.

The 30-scrip Sensitive Index (Sensex) of the BSE gained 212.61 points or 0.72 per cent during the day’s trade session.

The S&P BSE Sensex, which opened at 29,630.06 points, closed at 29,788.35 points from its previous day’s close at 29,575.74 points.

The barometer index touched a high of 29,804.51 points and a low of 29,570.58 points during the intra-day trade.

ALSO READ:   Egypt raises fuel prices by up to 66.6% to push reforms

The BSE market breadth was bullish — with 1,715 advances and 1,173 declines.

Similarly, broader markets ended the day’s trade on a high note. The S&P BSE mid-cap index rose by 0.39 per cent, while the small-cap index closed higher by 1.01 per cent.

“Markets rallied strongly on Tuesday after the weakness seen in the last few sessions,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Gains were led by index heavyweights ITC, ICICI Bank, Infosys and L&T. Major Asian markets however have ended on a negative note, barring the Shanghai index. European indices like FTSE 100 and CAC 40 were trading higher.”

According to Anand James, Chief Market Strategist, Geojit Financial Services, value buying re-emerged after last couple of day’s consolidation had rendered prices attractive.

ALSO READ:   KFC announces first Indian Colonel Sanders

“Rupee reversing some of its losses and approaching Infosys Q4 results propped up IT stocks. Banks continue to look forward to NPA resolution measures shortly, and the strength was visible today,” James said.

“India’s IIP and CPI releases tomorrow will keep market interested, but may not make a strong move until Q4 numbers start flowing in.”

On the currency front, the Indian rupee strengthened by seven paise to 64.49-50 against a US dollar from its previous close of 64.56 to a greenback.

In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 750.52 crore, while the domestic institutional investors (DIIs) purchased scrip worth Rs 826.66 crore.

Major Sensex gainers on Tuesday were: ITC, up 3.16 per cent at Rs 282.15; PowerGrid, up 2.23 per cent at Rs 199.45; ICICI Bank, up 1.89 per cent at Rs 282.90; Larsen and Toubro (LT), up 1.80 per cent at Rs 1,704.80; and State Bank of India (SBI), up 1.63 per cent at Rs 293.70.

ALSO READ:   Parrikar coming on June 15, says BJP MLA; party unsure

Major Sensex losers were: Adani Ports, down 4.78 per cent at Rs 334.45; Cipla, down 1.66 per cent at Rs 578.80; Tata Steel, down 1.44 per cent at Rs 488.30; Bajaj Auto, down 0.54 per cent at Rs 2,822.45; and Reliance Industries, down 0.50 per cent at Rs 1,374.10.



Comments: 0

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