Equity markets surge on positive global cues

Mumbai, Sep 16 : Indian equity markets surged on positive global cues, coupled with value buying and healthy macro-economic data, during the mid-afternoon trade session on Friday.

Both the key indices traded with gains of almost one per cent each, as healthy buying was witnessed in stocks of automobile, banking and capital goods.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 81.15 points or 0.93 per cent to 8,823.70 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,520.30 points, traded at 28,718.92 points (at 1.30 p.m.)-- up 306.03 points or 1.08 per cent from its previous close at 28,412.89 points.

The Sensex has so far touched a high of 28,778.64 points and a low of 28,520.17 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls -- with 1,582 advances and 993 declines.

On Thursday, both the key Indian indices had closed on a flat-to-positive note, on the back of short covering, coupled with value buying at lower levels and inflow of foreign funds 

The barometer index had risen by 40.66 points or 0.14 per cent, while the NSE Nifty edged up by 15.95 points or 0.18 per cent.

Initially on Friday, the benchmark indices opened in the green on the back of positive Asian markets.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments tracking positive global cues and buying support from traders.

"IT and banking stocks traded with firm sentiments, while pharma stocks traded with mixed sentiments on profit booking at higher levels. Auto and oil-gas stocks traded with firm sentiments," Desai said.

"Aviation stocks traded firm on lower crude oil prices, while power stocks traded firm on strong buying support. FMCG stocks resumed upswing on lower levels buying."