Indian equities surge on positive global cues, value buying

Last Updated: Wed, Jan 11, 2017 14:48 hrs
Sensex (AFP Photo)

Positive global cues, coupled with healthy third quarter (Q3) results, value buying and recovering crude oil prices, lifted the Indian equities markets during the mid-afternoon trade session on Wednesday.

Healthy buying was witnessed in banking, metal and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 77.60 points or 0.94 per cent to 8,366.20 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,978.44 points, traded at 27,101.87 points (at 1.30 p.m.) -- up 202.31 points or 0.75 per cent from the previous close at 26,899.56 points.

The Sensex has touched a high of 27,109.60 points and a low of 26,978.44 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bulls -- with 1,695 advances and 912 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equities markets traded in the green due to rally in banking and metal stocks.

"Market also rallied as till now the earnings declared by the companies are better than expected," Desai said.

"Asian markets are also in the green and that is aiding positive sentiment to our market."

On Tuesday, the Indian equities markets surged on the back of positive third quarter (Q3) results, along with expectations on more spending support from the upcoming Union Budget and a strengthened rupee.

The NSE Nifty rose by 52.55 points or 0.64 per cent to 8,288.60 points, while BSE Sensex surged by up 173.01 points or 0.65 per cent.

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