Hopes of healthy Q3 results lift equities

Mumbai, Jan 16 (IANS) Hopes of healthy third-quarter (Q3) results, coupled with positive macro-economic data lifted the Indian equity markets on Monday.

However, investors remained cautious ahead of the GST Council meet slated to be held later during the day.

The key indices traded in the green, as healthy buying was witnessed in banking, consumer durables and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 20.70 points or 0.25 per cent, to 8,421.05 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,238.35 points, traded at 27,321.89 points (at 1.45 p.m.) — up 83.83 points or 0.31 per cent from the previous close at 27,238.06 points.

The Sensex has touched a high of 27,327.82 points and a low of 27,172.68 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bulls — with 1,519 advances and 1,049 declines.

In terms of broader markets, the mid-cap and small-cap stocks outperformed the benchmark indices.

The BSE mid-cap index edged up by 0.32 per cent, whereas the BSE small-cap index was up 0.61 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, Nifty majors like Tata Motors, HDFC, HDFC Bank and State Bank of India (SBI) contributed to the market.

“Bank sector and metal sector also lifted the market,” Desai pointed out.

On Friday, profit booking, coupled with a depreciating rupee and disappointing earnings guidance from an IT major, dragged the benchmark indices lower.

The NSE Nifty shed 6.85 points or 0.08 per cent to 8,400.35 points, while the BSE Sensex down 9.10 points or 0.03 per cent.