Positive global cues lift Indian equities

Positive global cues, a strong rupee and healthy buying in banking, automobile and consumer durables stocks lifted the Indian equity markets during the mid-afternoon trade session on Monday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 25.35 points or 0.27 per cent to 9,310.65 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 29,915.12 points, traded at 29,919.08 points (at 12.45 p.m.) -- up 60.28 points or 0.20 per cent from the previous day's close at 29,858.80 points.

The Sensex has so far touched a high of 30,016.04 points -- crossing the important 30,000-mark -- and a low of 29,877.41 points during the day's trade.

The BSE market breadth was bullish -- with 1,577 advances and 988 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices started off the first day of the week on a firm note tracking positive global cues.

"Appreciation of Indian rupee against the US dollar also supported the firmness. Banking stocks resumed the firmness on strong buying support," Desai told IANS.

"Most IT sector stocks traded with firm sentiments, while aviation sector stocks extended previous session's gain on strong buying support. Both the benchmark indices are currently witnessing firm sentiments and we expect the Indian equities to continue with firm trades in the second half of the session as well."

On Friday, the benchmark indices closed in the red due to profit booking.

The NSE Nifty declined by 74.60 points or 0.80 per cent to 9,285.30 points, while the BSE Sensex closed at 29,858.80 points -- down 267.41 points or 0.89 per cent.

--IANS

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