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Short covering buoys equity market; auto stocks rise

IANS  |  Mumbai 

Short covering ahead of exit polls for pushed the key Indian equity indices higher during Friday's mid-afternoon session.

Market observers cited trade position build-up and healthy buying in auto, and capital goods stocks as other reasons to push the indices higher.

However, amid rising tension in the capped the gains.

Accordingly, the two key domestic indices -- S&P and NSE Nifty50 -- both traded around 1 per cent up from their previous respective close.

At 2.30 p.m., the traded 374.09 points or 1 per cent higher at 37,767.57 points. It opened at 37,494.42 after closing at 37,393.48 on Thursday.

The Nifty50 of the National Stock Exchange (NSE) opened at 11,261.90 after closing at 11,257.10 on Thursday. It traded at 11,361.40 during the mid-afternoon trade session, up 104.30 points and 0.93 per cent.

According to of HDFC Securities, the market's upward movement has been triggered by short covering and build-up of trade positions ahead of Sunday's exit polls.

--IANS

rv/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 14:48 IST
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