Value buying, positive global cues buoy equity markets

Value buying, along with positive global indices, buoyed the Indian equity markets on Tuesday.

Both the key indices traded in the green during the mid-afternoon trade session as healthy buying was witnessed in healthcare, IT and consumer durables stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up 13.95 points or 0.16 per cent to 8,737 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,373.02 points, traded at 28,331.81 points (at 2 p.m.) -- up 37.53 points or 0.13 per cent from the previous close at 28,294.28 points.

The Sensex has so far touched a high of 28,432.74 points and a low of 28,306.25 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls -- with 1,408 advances and 1,128 declines.

On Monday, the key indices had plunged on the back of negative global cues and caution ahead of F&O (futures and options) expiry.

The barometer index had receded by 373.94 points or 1.30 per cent, while the NSE Nifty declined by 108.50 points or 1.23 per cent.

"Recovery in the Asian markets had brought the earlier positivity in the Indian equity markets," Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

"Value buying, too, supported the upward rise as prices were rendered attractive after recent falls."

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty faced resistance at higher levels and traded with sideways sentiments.

"IT stocks traded with mixed sentiments, while banking stocks traded down due to profit booking. Textile and FMCG stocks traded with mixed sentiments on profit booking," Desai said.

"Aviation stocks traded down on profit booking but lower crude oil prices are likely to limit the downside. Oil-gas and power stocks traded with mixed sentiments."

--IANS

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