Rupee appreciation, value buying lift Indian equities

Mumbai, Dec 30 (IANS) Indian equity markets soared during the mid-afternoon trade session on Friday as investors’ sentiments were buoyed by rupee appreciation, broadly positive Asian peers and value buying.

The key indices traded with gains close to one per cent each, as banking, capital goods and healthcare stocks witnessed healthy buying.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 67.85 points or 0.84 per cent to 8,171.45 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,441.51 points, closed at 26,617.37 points — up 251.22 points or 0.95 per cent from the previous day’s close at 26,366.15 points.

The Sensex has touched a high of 26,651.79 points and a low of 26,406.53 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bulls — with 1,753 advances and 643 declines.

“The CNX Nifty traded with firm sentiments tracking appreciation in the Indian rupee against the US Dollar and buying support at lower levels,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“IT, banking, auto, textile, FMCG, cement and power stocks traded with firm sentiments, whereas pharma and media-entertainment stocks faced resistance at higher levels due to profit booking,” Desai said.

“Bearish USD/INR futures prices are likely to strengthen the upside of Indian equity markets in second half of the session as well.”

On Wednesday, the equity markets surged due to short-covering and value buying on the back of futures and options (F&O) expiry.

The barometer index was up 155.47 points or 0.59 per cent, whereas the NSE Nifty gained 68.75 points or 0.86 per cent.

–IANS

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