IT, auto stocks lift key Indian equity indices higher

Value buying in consumer durables, IT and auto stocks lifted the key Indian equity indices during the mid-afternoon session on Friday despite weak global cues.

According to market observers, index heavyweights like Infosys, Mahindra & Mahindra, Bajaj Auto and Power Grid (on BSE) added to the upward trajectory.

At 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,384.65 points -- up 35.90 points or 0.35 per cent -- from its Thursday's close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,670 points, traded higher by 85.82 points or 0.26 per cent at 33,673.90 points.

The Sensex has touched a high of 33,714.42 points and a low of 33,639.98 during intra-day trade.

The BSE market breadth was bullish -- 1,531 advances and 964 declines.

"Benchmark indices opened positively than the previous sessions. S&P Global Ratings review of India's sovereign rating is expected today," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Top gainers on the NSE were IndusInd Bank, Infosys and Aurobindo Pharma, while on the declines were Zee Entertainment, Hindustan Lever and Tata Steel," he added.

On Thursday, the benchmark indices closed in the green for the sixth consecutive session on the back of healthy buying in IT and Teck (technology, media and entertainment) stocks as well as a strong rupee.

The NSE Nifty50 was up 6.45 points or 0.06 per cent to close at 10,348.75 points while the Sensex closed higher by 26.53 points or 0.08 per cent at 33,588.08 points.

--IANS

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