Positive global cues buoy equity markets

Positive global cues buoy equity markets 

Mumbai, June 29 (IANS) Positive global indices, along with a rise in crude oil prices and a firm rupee, buoyed the Indian equity markets on Wednesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained by 50.50 points or 0.62 per cent during the mid-afternoon trade session, at 8,178.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,627.15 points, traded at 26,666.49 points (1.50 p.m.) — up 141.94 points or 0.54 per cent from the previous close at 26,524.55 points.

The Sensex has so far touched a high of 26,700.77 points and a low of 26,606.31 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls — with 1,782 advances and 673 declines.

Initially, the key indices opened on a flat-to-positive note, a day after healthy gains were made in the US and European markets and positive start to the Asian exchanges.

“Positive global markets, rising crude oil prices and a firm rupee aided markets to make early gains. The government’s decision to accept the seventh pay commission’s recommendations also supported prices at the lower levels,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

“However, upcoming F&O (futures and options) expiry and risk of further rate hikes in the US after the release of healthy macro-economic data capped gains.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, auto and FMCG (fast moving consumer goods) sector stocks witnessed fresh buying on acceptance of the seventh pay commission’s recommendations by the union cabinet.

“Pharma sector stocks traded with marginal gains facing resistance at higher levels due to profit booking,” Desai told IANS.

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