Equities recover from 5-week lows, global cues lift sentiments

Broadly positive global cues, coupled with healthy buying in metals, consumer durables and capital goods stocks, lifted the key Indian equity indices from their five-week lows on Monday.

According to market observers, individual index heavyweights like Tata Steel, Adani Ports, Cipla and Sun Pharma, among others, aided the BSE Sensex and the NSE Nifty50 to pare last week's losses.

The Nifty50 of the National Stock Exchange (NSE) reclaimed the psychologically important 9,800-level intra-day by touching a high of 9,818.30 points.

However, on a closing basis, the Nifty50 could not hold that level and closed (at 3.30 p.m.) at 9,794.15 points -- up 83.35 points or 0.86 per cent from its previous session's close.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,299.52 points, provisionally closed at 31,449.03 points -- up 235.44 points, or 0.75 per cent, from its previous close at 31,213.59 points.

The Sensex touched a high of 31,526.40 points and a low of 31,298.90 points during the intra-day trade.

The BSE market breadth was bullish with 1,865 advances and 732 declines.

On Friday, the benchmark indices plunged to their five-week lows on the back of negative global cues and intense selling activities in metal, automobile and banking stocks.

The Nifty50 fell by 109.45 points, or 1.11 per cent to close at 9,710.80 points, while the Sensex closed at 31,213.59 points -- down 317.74 points, or 1.01 per cent.

--IANS

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