Indian equities at new highs; auto, healthcare stocks surge

The Indian equity markets traded at new highs during the mid-afternoon session on Friday on optimism about a normal monsoon, the Goods and Services Tax (GST) roll-out and healthy buying in automobile, healthcare and consumer durables stocks.

The key Indian equity indices, which closed the previous trade session on a subdued note, witnessed a gap-up opening during the early morning session to touch fresh highs following positive global cues.

At 1.00 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) traded at 9,657.20 points -- up 41.10 points or 0.43 per cent from its previous close -- after touching a new intra-day high of 9,673.50 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,205.37 points, traded at 31,273.29 points -- up 135.70 points or 0.44 per cent from the previous day's close at 31,137.59 points.

The Sensex touched a new high of 31,332.56 points intra-day.

The BSE market breadth was bullish -- with 1,467 advances and 1,019 declines.

"Equity benchmark Nifty opened gap-up and hit fresh record high. Market managed to open on strong note after four-day consolidation. Top gainer in Nifty is Bharti Airtel, followed by Cipla, Hero MotoCorp and HDFC," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"After four days of consolidation, pharma sector is going strong today. Bharti Airtel rose 3.2 per cent after the company said it received approvals from the Securities and Exchange Board of India, BSE and the NSE for its proposed merger with Telenor India," he added.

On Thursday, disappointing macro-economic data and outflow of foreign funds subdued the Indian equity markets.

The Nifty inched lower by 5.15 points or 0.05 per cent to 9,616.10 points, while the Sensex closed at 31,137.59 points - down 8.21 points or 0.03 per cent.

--IANS

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