Global cues, rupee appreciation lift equity markets

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Mumbai, Nov 25 (IANS) Positive global indices, along with rupee appreciation and value buying lifted the Indian equities markets during the mid-afternoon trade session on Friday.

The key Indian indices traded with gains of more than one per cent each, as healthy buying was witnessed in IT, healthcare and Teck (technology, media and entertainment) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 110.15 points or 1.38 per cent to 8,075.65 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,953.24 points, traded at 26,197.50 points (at 2.00 p.m.) — up 337.33 points or 1.30 per cent from the previous close at 25,860.17 points.

The Sensex touched a high of 26,244 points and a low of 25,874.45 points during the intra-day trade so far.

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The BSE market breadth was skewed in favour of the bulls — with 1,902 advances and 559 declines.

“The domestic markets have taken cues from their positive Asian peers and traded in the green,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

“The rupee has appreciated on the back of a sharp fall in the USD/INR. However, crude oil prices were lower.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments on buying support.

“IT, banking, pharma, auto, oil-gas, textile and aviation stocks traded firm,” Desai said.

“Media-entertainment, FMCG, cement and power stocks also traded with firm sentiments tracking over all recovery in Indian equity markets.”

On Thursday, the equity markets closed in the red on the back of a massive rupee depreciation, continued outflow of foreign funds and subdued derivatives expiry roll-overs

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The barometer index was down by 191.64 points or 0.74 per cent, while the NSE Nifty receded by 67.80 points or 0.84 per cent.

–IANS

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