Equities rise on positive global cues, strong rupee

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Mumbai, March 29 (IANS) Indian equity markets traded in the positive territory during the mid-afternoon trade session on Wednesday as positive global cues, along with a strong rupee, buoyed investors’ sentiments.

Besides, the market sentiments were lifted as Finance Minister Arun Jaitley moved the Central Goods and Services Tax (CGST) Bill, 2017, along with three other GST Bills for consideration of and passage by the Lok Sabha.

However, with the near month March 2017 derivatives contract expiry on Thursday, some caution prevailed in the equity markets.

Healthy buying was witnessed in banking, capital goods and consumer durables stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) retained its hold on the 9,100-mark. It rose by 26.95 points or 0.30 per cent to 9,127.75 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,463.01 points, traded higher by 89.98 points or 0.31 per cent at 29,499.50 points (at 1.00 p.m.), from the previous close at 29,409.52 points.

The Sensex has so far touched a high of 29,535.04 points and a low of 29,439.42 points during the intra-day trade.

The BSE market breadth was bullish — with 1,316 advances and 1,258 declines.

“The bullishness got carried forward as the Nifty commenced the day on a positive note. Positive global cues and declining USD/INR supported the bullish sentiment,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“FMCG, power, cement and telecom sector stocks witnessed good strength, while IT, pharma, auto, oil-gas, textile and media-entertainment stocks traded with mixed sentiments.”

Desai pointed out that with the F&O expiry just around the corner, the Indian Equities are expected to trade with volatile sentiments in the immediate future.

On Tuesday, the benchmark indices closed with gains on the back of massive inflow of foreign funds and value buying.

The NSE Nifty rose by 55.60 points or 0.61 per cent to close at 9,100.80 points, while the Sensex closed at 29,409.52 points — up 172.37 points or 0.59 per cent.

–IANS

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