Stock-specific buying pushes equity indices higher

Healthy buying in IT, metals and healthcare stocks pushed the key Indian equity indices higher during the mid-afternoon trade session on Monday.

According to market observers, a surge in stocks of IT major Infosys, along with other index heavyweights like Tata Motors, Bharti Airtel, HDFC and Hindustan Unilever added to the upward trajectory of the key indices.

At 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 32.05 points or 0.32 per cent at 10,153.85 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,968.02 points, traded at 32,959.53 points -- up 126.59 points or 0.39 per cent -- from Friday's close.

The Sensex touched a high of 33,008.47 points and a low of 32,785.76 during the intra-day trade so far.

In contrast, the BSE market breadth was bearish -- 1,319 declines and 1,231 advances .

"Indian shares opened higher Monday tracking the gains in Infosys, which surged 3 per cent after the company over the weekend said it has appointed Capgemini's Salil Parekh as Managing Director and Chief Executive Officer effectively from Jan 8, 2018," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"However, benchmark indices gave up some of their early gains as Reliance Industries, Larsen and Toubro and Sun Pharma came under selling pressure within minutes of opening trade," he added.

On Friday, the benchmark indices were dragged lower by growing concerns over the country's widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks.

The wider Nifty50 declined by 104.75 points or 1.02 per cent to close at 10,121.80 points, while the Sensex closed at 32,832.94 points -- down 316.41 points or 0.95 per cent.

--IANS

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