Healthy macro data lifts equity markets

Healthy macro data lifts equity markets 

Mumbai, July 1 (IANS) Continuing the upward trend evinced all this week, healthy macro-economic data and positive global cues lifted the Indian equity markets higher on Friday.

The key indices were seen trading with appreciable gains during the mid-afternoon trade session, with healthy buying witnessed in capital goods, health care and oil and gas stocks.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,064.33 points, traded at 27,202.27 points (at 2.10 p.m.) — up 202.55 points or 0.75 per cent from the previous close at 26,999.72 points.

It has so far touched a high of 27,243.36 points and a low of 27,061.40 points.

The BSE market breadth was tilted in favour of the bulls — with 1,580 advances and 997 declines.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up to 8,346.55 points — up 58.80 points or 0.71 per cent.

The benchmark indices on Thursday touched their highest intra-day levels in the last eight months. The barometer index surged by 259.33 points or 0.97 per cent, while the Nifty edged up by 83.75 points or 1.02 per cent.

Initially on Friday, the key indices opened on a positive note, in sync with their Asian peers. The US and European markets also ended higher after a Bank of Europe announcement of rate cuts to protect the economy from the fallout of Brexit.

Besides, healthy manufacturing activity data for last month lifted investors’ spirits. The manufacturing Purchasing Managers’ Index (PMI) data released on Friday showed a rise of 51.7 per cent in June from May’s 50.7 per cent.

“The Indian markets continued to recover from last week’s losses. Healthy PMI data for last month, released today, have also remained supportive of prices,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

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