Value buying buoys equity markets

Value buying buoys equity markets

Mumbai, Aug 2 (IANS) Value buying, coupled with positive macro-economic data, buoyed the Indian equity markets during early morning session on Tuesday.

Consequently, the key indices made gains, as healthy buying was witnessed in automobile, capital goods and consumer durables stocks. The upward trend was supported by increased chances of passage of a key economic legislation and above average monsoon rains.

However, gains were capped by negative Asian markets and lower global crude oil prices.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged higher by 29.80 points or 0.35 per cent to 8,666.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,069.12 points, traded at 28,093.54 points (at 9.30 a.m.) — up 90.42 points or 0.32 per cent from the previous close at 28,003.12 points.

The Sensex has so far touched a high of 28,175.22 points and a low of 28,000.94 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls — with 934 advances and 554 declines.

Both the key Indian indices had ended on a lower note during the previous trade session on Monday, on the back of profit booking, along with lower crude oil prices and global event risks.

The barometer index had declined down 48.74 points or 0.17 per cent to 28,051.86 points, while the NSE Nifty edged lower by 1.95 points or 0.02 per cent to 8,636.55 points.

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