Rate Cut Hopes Buoy Equity Markets

Hopes of a rate cut in the monetary policy review, coupled with positive macro-economic data and value buying swelled markets.
Rate Cut Hopes Buoy Equity Markets

MUMBAI: Hopes of a rate cut in the monetary policy review, coupled with positive macro-economic data and value buying swelled the Indian equity markets on Monday.

The equity markets made healthy gains during the last hour of trade, as a rise in investor participation increased foreign funds inflow and value buying lifted prices.

In the process, equity markets pared their initial losses, which occurred on the back of caution over a likely US rate hike and weak crude oil prices.

Consequently, both the key indices of the Indian equity markets provisionally closed the day's trade in the green.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended in the positive territory. It inched up by 43 points or 0.56 percent, to 7,756.05 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,333.98 points, provisionally closed at 25,399.65 points (at 3.30 p.m.) -- up 130.01 points or 0.51 percent from the previous day's close at 25,269.64 points.

The Sensex touched a high of 25,424.15 points and a low of 25,223.49 points during the intra-day trade.

The BSE market breadth favoured the bulls -- with 1,644 advances and 968 declines.

The barometer index had closed in the negative territory on Friday, the last trade session. It had declined by 72.22 points or 0.28 percent.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com