Indian equity markets surge on positive global cues

Mumbai, Sep 6: Positive global cues and recovery in crude oil prices pushed the Indian equity markets higher during the mid-afternoon session on Tuesday.

Both the key indices traded in the green with gains of over a percentage each, as healthy buying was witnessed in all the 19 sub-indices of the BSE, led by banking, automobile and oil and gas stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 94.30 points, or 1.07 per cent to 8,903.95 points. 

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,631.27 points, traded at 28,844.33 points (at 1.00 p.m.) -- up 312.22 points, or 1.09 per cent from the previous close at 28,532.11 points.

The Sensex has so far touched a high of 28,850.19 points and a low of 28,631.27 points during the intra-day trade. 

The BSE market breadth was tilted in favour of the bulls -- with 1,587 advances and 921 declines.

On Friday last week, the key indices had closed with substantial gains due to buying support.

The barometer index had gained 108.63 points, or 0.38 per cent, while the NSE Nifty edged up by 35 points or 0.40 per cent.

The Indian markets were closed on Monday on account of Ganesh Chaturthi.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded firm, tracking positive global cues.

"Banking and auto stocks traded firm while IT stocks traded with mixed sentiments on profit booking at higher levels," Desai said. 

"Aviation stocks traded with sideways to bearish sentiments, tracking the recovery in crude oil prices. FMCG (fast moving consumer goods) and oil sector stocks also traded with sideways to firm sentiments on buying support from traders."