Indian equities surge on global cues, healthy auto results

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Mumbai, March 1 (IANS) Indian equities markets surged during the mid-afternoon trade session on Wednesday as positive global cues, coupled with upbeat quarterly automobile results lifted investors’ sentiments.

The key indices traded with gains of more than half a per cent each, as healthy buying was witnessed in stocks of banking, healthcare and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 53.65 points or 0.60 per cent to 8,933.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,849.04points, traded at 28,928.92 points (at 1.30 p.m.) — up 185.60 points or 0.65 per cent from the previous close at 28,743.32 points.

The Sensex has so far touched a high of 29,001.35 points and a low of 28,824.17 points during the intra-day trade. This is the first time since January 1 this year that the Sensex has touched or crossed the 29,000-mark.

The BSE market breadth was tilted in favour of the bulls — with 1,622 advances and 1,062 declines.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: “The CNX Nifty traded with firm sentiments due to buying support from traders. However, recovery in USD/INR futures prices pressurised the firm sentiments of the Indian equities markets at higher levels.”

“Pharma, textile and aviation sector stocks traded with firm sentiments due to buying support.

On Tuesday, the benchmark indices ended lower as caution ahead of the release of major domestic macro-economic data points, along with heavy selling pressure capped gains.

The NSE Nifty edged down by 17.10 points or 0.19 per cent to close at 8,879.60 points, and the BSE Sensex fell by 69.56 points or 0.24 per cent to 28,743.32 points.

–IANS

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