Short covering lifts equity markets

Mumbai, Nov 7 : Short covering, value buying and lessened chances of a US rate-hike lifted the Indian equity markets on Monday.

Both the key indices provisionally closed the day's trade with gains of over half a per cent each as healthy buying was witnessed in banking, healthcare and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged by 58.20 points or 0.69 per cent to 8,491.95 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,552.27 points, provisionally closed at 27,458.99 points (at 3.30 p.m.) -- up 184.84 points or 0.68 per cent, from its previous close at 27,274.15 points.

The Sensex touched a high of 27,591.15 points and a low of 27,398.72 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls -- with 2,001 advances and 873 declines.

On Friday, the benchmark indices were dragged lower by global cues. The barometer index had declined by 156.13 points or 0.57 per cent, while the NSE Nifty edged down by 51.20 points or 0.60 per cent.