Indian equities trade higher on positive global cues

Positive global cues and healthy buying in banking, automobile and healthcare stocks lifted the Indian equity markets during the mid-afternoon trade session on Tuesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 55.15 points or 0.61 per cent to 9,100.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,301.22 points, traded at 29,405.25 points (at 1.15 p.m.) -- up 168.10 points or 0.57 per cent from the previous close at 29,237.15 points.

The Sensex has touched a high of 29,442.18 points and a low of 29,301.22 points during the intra-day trade.

The BSE market breadth was in favour of the bulls -- with 1,580 advances and 1,031 declines.

"After witnessing heavy selling pressure in the last trading session, today the Nifty opened on a firm note, tracking positive global cues and witnessed good buying support during intra-day trade," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Most sector stocks traded with positive bias due to buying support. However, oil-gas sector stocks traded with bearish sentiments due to profit booking."

On technical levels, Desai pointed out the the breach of 9,080 levels will make the Nifty futures bearish, while strong resistance for the day is seen at 9,145 levels.

On Monday, the benchmark indices were pulled lower by negative global cues and heavy selling pressure in metal, automobile, and healthcare stocks.

The NSE Nifty fell by 62.80 points or 0.69 per cent to close at 9,045.20 points, while the BSE Sensex closed lower by 184.25 points or 0.63 per cent at 29,237.15 points.

The currency market was closed on Tuesday account of Gudhi Padwa. On Monday, the rupee strengthened by 37 paise to 65.04, after hitting a fresh 17-month high.

--IANS

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