Value buying, positive Asian indices lift equity markets

Mumbai, Oct 18: Value buying, coupled with broadly positive Asian indices and a strengthened rupee lifted the Indian equity markets during the early morning trade session on Tuesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 56.85 points or 0.67 per cent to 8,577.25 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,656.89 points, traded at 27,733.50 points (at 9.30 a.m.) -- up 203.53 points or 0.74 per cent from the previous close at 27,529.97 points.

The Sensex has so far touched a high of 27,761.37 points and a low of 27,652.76 points during the intra-day trade.

The BSE market breadth was firmly in favour of the bulls -- with 1,351 advances and 307 declines.

On Monday, the Indian equity markets closed in the red due to lower earnings guidance from IT majors, along with heightened chances of a US rate hike and outflow of foreign funds.

The barometer index had declined by 143.63 points or 0.52 per cent to 27,529.97 points, while the NSE Nifty closed lower by 63 points or 0.73 per cent to 8,520.40 points.