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Indian equities rise on positive global cues

Agency | January 04, 2017 02:19 PM

Mumbai:Positive global cues, coupled with a slightly strong rupee and value buying, marginally lifted the Indian equities markets during the mid-afternoon trade session on Wednesday.

However, caution over the ongoing two-day GST (Goods and Services Tax) Council meet and weak domestic macro-economic data, arrested the upward trend of the benchmark indices.

The key indices traded on a flat-to-positive note, as healthy buying was witnessed in capital goods, automobile and IT stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 15.20 points or 0.19 per cent to 8,207.45 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,677.22 points, traded at 26,692.91 points (at 1.30 p.m.) -- up 49.67 points or 0.19 per cent from the previous day's close at 26,643.24 points.

The Sensex has touched a high of 26,723.37 points and a low of 26,606.06 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bulls -- with 1,661 advances and 921 declines.

"The CNX Nifty traded with firm sentiments due to buying support. Bearish USD/INR futures prices also supported the recovery in Indian equity markets at current levels," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"IT stocks traded firm on buying support, whereas banking, pharma, FMCG and cement stocks faced resistance at higher levels mainly due to profit booking," Desai added.

"Auto, oil-gas, media-entertainment and aviation stocks traded with firm sentiments due to buying support."

On Tuesday, positive global indices, along with value buying and short covering, buoyed the benchmark indices.

The barometer index was up by 47.79 points or 0.18 per cent, while the NSE Nifty was up by 12.75 points or 0.16 per cent to 8,192.25 points .

 

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