Indian equity markets rise on strong buying support

Mumbai, Aug 30 (IANS) Indian equity markets were buoyed on strong buying support across sectors, coupled with positive global cues during the mid-afternoon session on Tuesday.

Consequently, the key indices traded with gains of almost a percentage each, as healthy buying was witnessed in automobile, banking and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 92.05 points, or 1.07 per cent to 8,699.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,012.46 points, traded at 28,186.50 points (at 1.00 p.m.) -- up 283.84 points, or 1.02 per cent from the previous close at 27,902.66 points.

The Sensex has so far touched a high of 28,187.51 points and a low of 28,010.66 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls -- with 1,600 advances and 859 declines.

On Monday, both the key Indian indices had ended in the green, as the markets witnessed a sudden spurt of buying activity during the last hour of trade due to short covering and sector-specific buying.

The barometer index had gained 120.41 points, or 0.43 per cent, while the NSE Nifty edged up by 34.90 points, or 0.41 per cent.

"CNX Nifty is traded firm tracking positive global cues. Bank Nifty also traded firm on buying support," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Aviation stocks showed recovery and traded firm on lower crude oil prices. Most oil sector stocks also traded firm on strong buying."

According to Desai, most informaation technology, banking, pharma, automobile and fast moving consumer goods stocks traded firm on buying support.