Value buying boosts equity indices; Sensex gains over 1,500 pts (Ld)

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Value buying pushed India’s key indices — S&P BSE Sensex and NSE Nifty50 — higher during Tuesday’s late afternoon trade session.

The upward movement comes a day after a sharp correction took place on the back of heightened tensions between Russia and Ukraine.

Accordingly, on Tuesday attractive stock valuations brought a healthy influx of domestic institutional as well as retail funds into the market.

In the initial trade, both the indices had a gap up opening.

Globally, however, Asian stocks slipped on Tuesday as traders parsed geopolitical risks and worries about Federal Reserve policy tightening.

On the domestic front, volumes were a little lower than recent average.

Amongst sectors, Realty and Metals lost the most, whereas Capital Goods, Consumer Durables, Banks, Auto, Telecom, IT And FMCG gained.

At 2.15 p.m., Sensex traded at 57,976.34 points, up 2.78 per cent or 1,570.50 points.

Similarly, Nifty traded 17,301 points, up 2.72 per cent or 458.20 points.

“Nifty is the best performer in the Asian region today,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty has risen to enter the downgap area between 17,303-17,099. In case it succeeds in filling the downgap completely, it will be a bullish signal for the short term.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “On the back of purchasing in frontline counters, Indian equities continued to their gains in the afternoon session, staying near the day’s high point.”

“Though, amid fears about rising oil prices and FII selling, the underlying attitude remained cautious.”

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