Indian equities surge on value buying, rupee appreciation
Mumbai, Nov 29 (IANS) Indian equities markets surged during the mid-afternoon trade session on Tuesday as value buying, coupled with an appreciating rupee, lifted investors’ sentiments.
Both the key indices traded with gains of over half a per cent each, with healthy buying witnessed in automobile, consumer durables and capital goods stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 64.90 points or 0.80 per cent, to trade at 8,191.80 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,408.62 points, traded at 26,550.89 points (at 1.15 p.m.) — up 200.72 points or 0.76 per cent from the previous close at 26,350.17 points.
The Sensex has touched a high of 26,577.45 points and a low of 26,357.56 points during the intra-day trade so far.
The BSE market breadth was skewed in favour of the bulls — with 1,712 advances and 701 declines.
On Monday, the benchmark indices had ended on a flat note on the back of value buying and short covering.
The barometer index had risen by 33.83 points or 0.13 per cent, while the NSE Nifty was up by 12.60 points or 0.16 per cent.
“Both the Sensex and the Nifty are trading in the green on the back of lower level buying. The rupee has also shown some appreciation,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.
“Markets are also looking forward to the announcement of important domestic macro data like India’s GDP, fiscal deficit and eight core industrial output data on Wednesday, and the manufacturing PMI (Purchasing Managers’ Index) data on December 1.”
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded firm due to buying support.
“IT and banking stocks faced resistance at higher levels. Pharma, auto, textile and media-entertainment stocks traded with firm sentiments, whereas oil-gas, aviation and FMCG stocks traded with mixed sentiments,” Desai said.
“Cement and power stocks traded firm on buying support.”