Mumbai, June 17 (IANS) Positive global cues, along with value buying and a strong rupee, buoyed the Indian equity markets on Friday.
Consequently, the key indices traded in the green during the late-afternoon session, as healthy buying was witnessed in automobile, consumer durables and FMCG (fast moving consumer goods) stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 20.45 points or 0.25 per cent, at 8,161.20 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,653.85 points, traded at 26,640.67 points (at 3.00 p.m.) — up 115.21 points or 0.43 per cent from the previous close at 26,525.46 points.
The Sensex has so far touched a high of 26,730.55 points and a low of 26,538.51 points during the intra-day trade.
In contrast, the BSE market breadth was marginally tilted in favour of the bears — with 1,285 declines and 1,222 advances.
Both the key indices ended lower on Thursday, following negative global cues and profit booking. The barometer index had plunged by 200.88 points or 0.75 per cent, while the NSE Nifty had lost 65.85 points or 0.80 per cent.
Initially the markets opened on a positive note, in sync with their Asian peers and higher closing of the US stocks on Thursday.
Besides, higher global crude oil prices, value buying and short covering supported prices.
In addition, an appreciation in the rupee’s value restored investors’ risk taking appetite.
Furthermore, recent government decisions on civil aviation, banking and debt recast gave a positive fillip to sentiments.
However, risks from major upcoming global events such as the referandum in Britain on whether or not to stay as a part of European Union (EU), F&O expiry and US Federal Reserve Chairwoman Janet Yellen’s testimony to the US Congress panicked investors and capped gains.
Further, investors were seen cautious after reports showed that monsoon rains so far have been below average.
“Recovery in the global markets after succesive days of losses, prompted a positive opening of the key India based equity indices,” Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services, told IANS.
“Relatively strong rupee and higher crude oil prices also aided the markets to remain in the positive territory.”