Indian equity markets rise on strong buying support

Indian equity markets rise on strong buying support 

Mumbai, Aug 30 (IANS) Indian equity markets were buoyed on strong buying support across sectors, coupled with positive global cues during the mid-afternoon session on Tuesday.

Consequently, the key indices traded with gains of more than a percentage each, as healthy buying was witnessed in automobile, banking and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 128.65 points, or 1.49 per cent to 8,736.10 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,012.46 points, traded at 28,318.10 points (at around 2.50 p.m.) — up 415.44 points, or 1.49 per cent from the previous close at 27,902.66 points.

The Sensex has so far touched a high of 28,334.34 points and a low of 28,010.66 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls — with 1,625 advances and 1,000 declines.

On Monday, both the key Indian indices had ended in the green, as the markets witnessed a sudden spurt of buying activity during the last hour of trade due to short covering and sector-specific buying.

The barometer index had gained 120.41 points, or 0.43 per cent, while the NSE Nifty edged up by 34.90 points, or 0.41 per cent.

“Auto and pharma stocks showed good strength and held the early gains. Information technology and banking stocks also traded firm,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

“Most fast moving consumer goods and aviation stocks showed good strength and traded with sideways to firm sentiments.”

According to Desai, bearish USD/INR futures prices supported the uptrend in the Nifty.

“Strong domestic cues such as a good monsoon and additional government spending on construction activities are providing strong suport to the equity markets,” Manish Hathiramani, Proprietary Trader and Technical Analyst at Deen Dayal Investments, told IANS.

“There is also strong liquidity across global markets due to which there are gains across all the sectors.”

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