Key Indian equity indices rise on global cues, supportive banking stocks

The key Indian equity indices on Friday traded in positive territory due to firm global cues and robust buying in banking and capital goods stocks.

According to market observers, healthy earnings reported in the banking sector for the January-Marchquarter boosted investor sentiments.

So far, the S&P banking index rose 444.51 points, followed by the capital goods index, up 221.60 points.

At 1.17 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,699.65 points, up 81.85 points or 0.77 per cent from the previous close of 10,617.80 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,747.04 points, traded at 35,003.31 points (1.17 p.m.) -- up 289.71 points or 0.83 per cent -- from its previous session's close of 34,713.60 points.

The Sensex has so far touched a high of 35,030.87 and a low of 34,744.73 points.

The BSE market breadth was bullish with 1,448 advances and 958 declines.

"Positive global cues helped Indian equities to trade higher," said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

"The US stocks rose sharply on Thursday, helped by strong quarterly results from some of the biggest US companies. Asian markets, following cues (from the US) opened in solid green," he added.

On Friday, the major gainers on the BSE were Axis Bank, State Bank of India, ICICI Bank, Asian Paints and Reliance Industries while Tata Consultancy Services (TCS), Wipro, Coal India, NTPC and Hindustan Unilever were among the major losers.

On NSE, the top gainers were Axis Bank, State Bank of India and ICICI Bank. The major losers were HCL, Tech Mahindra and Coal India.

--IANS

rrb/ag/vm