Indian equities rise on positive global cues

Mumbai, Nov 23 (IANS) Indian equity markets traded in the green during the mid-afternoon session on Wednesday, tracking positive global cues.

Healthy buying was witnessed in capital goods, metal and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 37.15 points or 0.46 per cent to 8,039.45 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,101.33 points, traded at 26,076.07 points (at 1.45 p.m.) — up 115.29 points or 0.44 per cent from the previous close at 25,960.78 points.

The Sensex has touched a high of 26,130.49 points and a low of 25,877.16 points during the intra-day trade so far.

The BSE market breadth was skewed in favour of the bulls — with 1,691 advances and 675 declines.

On Tuesday, the equity markets closed in the green for the first time after six straight sessions of losses on the back of attractive valuations, along with higher global crude oil prices and positive global indices.

The barometer index was up by 195.64 points or 0.76 per cent, whereas the NSE Nifty edged up by 73.20 points or 0.92 per cent.

“The equity markets are trading in the green with the midcap indices outperforming today. On the global front, the Asian and the US markets were largely positive,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

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

“Banking, pharma, auto, oil-gas, textile and aviation stocks traded firm, while media-entertainment, FMCG, cement and power stocks also traded with firm sentiments due to short covering,” Desai said.

“USD/INR futures faced resistance at higher levels due to profit booking.”