Indian equities trade with gains, banks stocks surge

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Mumbai, March 24 (IANS) The Indian equity markets on Friday traded with gains for the second consecutive session on the back of broadly positive Asian indices, foreign funds’ inflows and healthy buying witnessed in banking stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) reclaimed the 9,100-mark and rose by 24.95 points or 0.27 per cent to 9,111.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,350.60 points, traded at 29,434.20 points (at 1.35 p.m.) — up 102.04 points or 0.35 per cent from the previous close at 29,332.16 points.

The Sensex has so far touched a high of 29,500.19 points and a low of 29,350.17 points during the intra-day trade.

The BSE market breadth was marginally bullish — with 1,412 advances and 1,243 declines.

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According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty, which opened with marginal gains tracking firm global cues and negative USD/INR futures prices, currently traded with firm sentiments due to buying support.

“Banking sector stocks witnessed strong buying sentiments, particularly PSU banks. Textile, media-entertainment, cement and telecom sector stocks traded with firm sentiments,” Desai said.

“The government is likely to table four GST supplementary legislations in the Parliament today which is likely to influence the price movement of the Indian equity markets in the second half of the session.”

On Thursday, the benchmark indices closed the day’s trade with gains of more than half a per cent each on short covering.

The NSE Nifty rose by 55.85 points or 0.62 per cent to close at 9,086.30 points, while the Sensex was up by 164.48 points or 0.56 per cent at 29,332.16 points.

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