Bargain hunting lifts equity markets

Mumbai, Oct 20 (IANS) Bargain hunting and positive global indices lifted the Indian equity markets during the late-afternoon session on Thursday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained by 37.05 points or 0.43 per cent to 8,696.15 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,031.57 points, traded at 28,117.06 points (at 2.40 p.m.) — up 132.69 points or 0.47 per cent from the previous close at 27,984.37 points.

The Sensex touched a high of 28,212.50 points and a low of 28,031.57 points during the intra-day trade.

In contrast, the BSE market breadth was tilted in favour of the bulls — with 1,595 advances and 1,143 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls: “IT stocks witnessed firm sentiments due to buying support. However, banking, pharma and oil-gas stocks faced resistance at higher levels due to profit booking.”

“Nifty may face resistance at higher levels due to recovery in USD/INR futures prices.”