Positive global cues, fresh buying buoy equity markets

Positive global cues, fresh buying buoy equity markets 

Mumbai, Sep 19 (IANS) Positive global indices, along with higher crude oil prices and value buying, buoyed the Indian equities markets during the late-afternoon trade session on Monday.

However, upcoming global event risks such as monetary policy announcements from major economies and profit booking at higher levels capped gains.

Both the key indices traded on a flat-to-positive note as healthy buying was witnessed in metal, banking and IT stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 38.25 points or 0.44 per cent to 8,818.10 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,626.60 points, traded at 28,667.12 points (at 2.46 p.m.) — up 68.09 points or 0.24 per cent from its previous close at 28,599.03 points.

The Sensex has so far touched a high of 28,714.77 points and a low of 28,552.55 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,471 advances and 1,205 declines.

Last week, on Friday, both the key Indian indices closed with appreciable gains prompted by reduced chances of a US rate hike, foreign fund inflows and value buying.

The barometer index had surged by 186.14 points or 0.66 per cent, while the NSE Nifty edged up 37.30 points or 0.43 per cent.

Initially on Monday, the benchmark indices opened on a firm note in sync with their Asian peers.

However, investors were seen cautious ahead of the US Fed’s FOMC (Federal Open Market Committee) meeting, which is scheduled for September 20-21.

A hike in US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India.

It is also expected to dent business margins as access to capital from the US will become expensive.

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