Asian cues, auto stocks lift equity indices

Key Indian equity indices on Wednesday traded in the green during the mid-afternoon session, extending gains for the fifth consecutive session, as positive Asian markets and higher auto stocks buoyed investors' sentiments.

According to market observers, index heavyweights on the BSE like State Bank of India, Adani Ports, Mahindra and Mahindra, Tata Motors and Bajaj-Auto pulled the equity indices higher.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 20.80 points or 0.20 per cent at 10,347.70 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,569.07 points, traded at 33,592.47 points -- up 114.12 points or 0.34 per cent -- from Tuesday's close.

The Sensex has so far touched a high of 33,624.49 points and a low of 33,465.23 points during intra-day trade.

The BSE market breadth was slightly bullish -- 1,256 advances and 12,55 declines.

"Indian equities opened in sync with Asian indices in the early morning trade, but gave up all gains post an hour in trade. Markets await the minutes from the US Fed's latest policy meeting, which will be out on Wednesday," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

On Tuesday, the benchmark indices closed on a higher note due to strong buying witnessed in stocks of healthcare majors like Dr. Reddy's Lab, Sun Pharma, Cipla and Lupin, as well as a strong rupee.

The NSE Nifty50 rose by 28.15 points or 0.27 per cent to close at 10,326.90 points, while the BSE Sensex closed at 33,478.35 points -- up 118.45 points or 0.36 per cent.

--IANS

ppg/vm