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Indian equities surge on positive global cues

Indian equity markets surged during the mid-afternoon session as positive global cues buoyed investors' sentiments.

Published: 08th December 2016 04:05 PM  |   Last Updated: 08th December 2016 04:05 PM   |  A+A-

Sensex__Reuters123

Bombay Stock Exchange (File Photo | Reuters)

By IANS

MUMBAI: Indian equity markets surged during the mid-afternoon session on Thursday as positive global cues, coupled with an appreciating rupee and value buying, buoyed investors' sentiments.

The key Indian indices traded with substantial gains -- more than 1.5 per cent each -- as healthy buying was witnessed in all the 19 sub-indices of the BSE, led by automobile, metal and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained by 132.35 points or 1.63 per cent to 8,234.40 points. 

Similarly, the barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,366.52 points, traded at 26,677.08 points (at 1.30 p.m.) -- up 440.21 points or 1.68 per cent from the previous close at 26,236.87 points.

The Sensex has touched a high of 26,721.27 points and a low of 26,357.35 points during the intra-day trade so far.

The BSE market breadth was skewed in favour of the bulls -- with 1,790 advances and 679 declines.

"The Indian equity markets, which had slipped after RBI's status quo on lending rates, rallied taking cues from the positive global markets," Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

"Global markets gained ahead of the European Central Bank monetary policy announcement. The sentiments were also lifted by strengthening of the rupee against the US dollar,"

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments on buying support.

"IT, banking, pharma, auto, oil-gas, textile, media-entertainment, FMCG and cement stocks traded with firm sentiments," Desai said.

"Aviation stocks traded with firm sentiments tracking lower crude oil futures prices," he added.

On Wednesday, the equity markets had slipped after the Reserve Bank of India (RBI) decided to keep its key lending rates unchanged in its fifth bi-monthly monetary policy of 2016-17.

The barometer index was down 155.89 points or 0.59 per cent, while the NSE Nifty edged down by 41.10 points or 0.50 per cent.



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