Positive global cues lift equity markets

Positive global cues lift equity markets 

Mumbai, Aug 8 (IANS) Positive global markets, along with hopes of parliamentary approval for a major economic legislation and higher crude oil prices, buoyed the Indian equity markets during the late-afternoon trade session on Monday.

Sector-wise, healthy buying was witnessed in automobile, oil and gas, and consumer durables stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 24.65 points or 0.28 per cent to 8,707.80 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,181.92 points, traded at 28,154.95 points (at 2.30 p.m.) — up 76.60 points or 0.27 per cent from the previous close at 28,078.35 points.

The Sensex has so far touched a high of 28,226.38 points and a low of 28,131.64 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,517 advances and 1,151 declines.

On Friday, the benchmark indices had closed the day’s trade in the green due to short covering, coupled with positive domestic and global cues.

The barometer index had surged by 363.98 points or 1.31 per cent, while the Nifty rose by 132.05 points or 1.54 per cent.

“Fresh buying on the back of positive Asian markets, healthy US’s jobs data and higher crude oil prices buoyed the equity markets. However, the dabate over the GST bill in the Lok Sabha might flare some volatility,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

“Gains were capped due to caution ahead of the Reserve Bank of India’s monetary policy review.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls,
IT and auto stocks held on to their initial gains, while banking and pharma stocks traded with mixed sentiments due to profit booking at higher levels.

“Aviation stocks faced resistance at higher levels and traded with sideways sentiments due to the recovery in crude oil prices,” Desai noted.

“Sideways to bearish sentiments in USD/INR futures prices supported the uptrend in Nifty.”

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here