Equity indices trade at fresh highs; auto, metals stocks soar

Optimism ahead of the tabling of the Economic Survey 2017-18 in Parliament, along with healthy buying in auto, metals and banking stocks, lifted the key Indian equity indices to trade at fresh high levels during the mid-afternoon trade session on Monday.

According to market observers, positive global cues, coupled with the expectation of sops from the Union Budget 2018-19, lifted investors' risk-taking appetite.

Around 12.05 p.m., the wider Nifty50 of the National Stock Exchange traded higher by 88.95 points or 0.80 per cent at a fresh high of 11,158.60 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 36,106.36 points, traded at a fresh level of 36,391.59 points -- up 341.15 points or 0.95 per cent from its previous close.

The BSE market breadth was bullish as 1,308 stocks advanced against 1,298 declines.

During intra-day trade, the Nifty50 scaled a new high of 11,163.75 points and the Sensex of 36,410.60 points.

"Indian shares opened higher Monday on value buying amid increased risk appetite. Investors focus on economic survey and budget announcement later this week," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Both benchmark indices jumped to record high on continued institutional buying, particularly in car makers and metals stocks," he added.

On the last trading session on Thursday, the equity indices had closed in the red on the back of heavy selling pressure in auto, IT and consumer durables stocks.

The Nifty50 fell by 16.35 points or 0.15 per cent to close at 11,069.65 points, while the Sensex closed at 36,050.44 points -- down 111.20 points or 0.31 per cent.

--IANS

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