Firm global cues buoy Indian equities

Mumbai, Nov 22 (IANS) Firm global cues buoyed the Indian equity markets during the mid-afternoon trade session on Tuesday.

Healthy buying was witnessed in metal, automobile and oil and gas stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 30.90 points or 0.39 per cent to 7,960 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,928.16 points, traded at 25,832.42 points (at 1.30 p.m.) — up 67.28 points or 0.26 per cent from the previous close at 25,765.14 points.

The Sensex has touched a high of 26,039.70 points and a low of 25,765.51 points during the intra-day trade so far.

In contrast, the BSE market breadth was skewed in favour of the bears — with 1,332 declines and 1,061 advances.

On Monday, the equity markets had plunged to their lowest levels in the last six months with the benchmark Sensex receding below the 26,000-point mark and the NSE Nifty crashing below the 8,000 level.

The barometer index was down by 253.36 points or 0.97 per cent at 25,765.14 points, whereas the NSE Nifty slipped by 99.45 points or 1.23 per cent to 7,929.10 points.

“The Indian equity markets are in a consolidation phase. The indices have lost their early gains and are trading flat,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

“The market initially opened in the green as the Asian peers opened in the positive zone. Crude oil prices were higher.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to short covering.

“IT stocks traded firm, while most banking, pharma, auto, oil-gas and textile stocks are trading firm on buying support,” Desai said.

“Aviation, media-entertainment, FMCG, cement and power sector stocks traded with mixed sentiments due to profit booking at higher levels.”