Global cues, bargain hunting lift equity markets

Mumbai, Oct 24: Positive global cues, along with bargain hunting and a strengthened rupee, lifted the Indian equity markets during the mid-afternoon trade session on Monday.

Besides, recovery in crude oil prices and latest reforms measures for the banking sector, too, buoyed investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 35.60 points or 0.41 per cent to 8,728.65 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,156.59 points, traded at 28,223.93 points (at 2.15 p.m.) -- up 146.75 points or 0.52 per cent from the previous close at 28,077.18 points.

The Sensex has so far touched a high of 28,256.65 points and a low of 28,075.95 points during the intra-day trade.

In contrast, the BSE market breadth was tilted in favour of the bulls -- with 1,722 advances and 1,012 declines.

On last Friday, the equity markets had closed on a flat-to-negative note as profit booking, along with outflow of foreign funds and broadly lower global indices, subdued investors' sentiments.

The barometer index fell by 52.66 points, or 0.19 per cent to 28,077.18 points, while the NSE Nifty slipped by 6.35 points or 0.07 per cent to 8,693.05 points.

"Positive global indices, value buying and recovery in crude oil prices have led to the upswing in the equity markets," Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services, told IANS.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls: "Bank Nifty traded firm due to fresh buying. IT, pharma and aviation stocks traded with mix sentiments, while auto stocks witnessed a healthy recovery from lower levels."

"Bearish USD/INR futures prices supports firm trend in Nifty at current levels.'