Mumbai, Dec 28 (IANS) Short covering and value buying ahead of derivatives expiry lifted the Indian equity markets during the mid-afternoon trade session on Wednesday.
The key indices traded with gains of over half a per cent each, as stocks of healthcare, banking and automobile witnessed healthy buying.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 58.25 points or 0.73 per cent to 8,091.10 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,243.19 points, traded at 26,391.41 points (at 1.45 p.m.) -- up 177.97 points or 0.68 per cent from the previous day's close at 26,213.44 points.
The Sensex has touched a high of 26,405.03 points and a low of 26,216.54 points during the intra-day trade so far.
The BSE market breadth was tilted in favour of the bulls -- with 1,748 advances and 689 declines.
"Ahead of F&O (futures and options) expiry, short covering at lower levels has helped the domestic markets to trade with gains, as global cues lay stagnant," SMC Global Securities told IANS.
"Moreover, a weak overseas dollar has also helped the markets to bounce back."
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments due to buying support.
"IT, banking, pharma, auto and oil-gas stocks traded with firm sentiments, while textile and aviation stocks witnessed good recovery from lower levels," Desai said.
"Media-entertainment, FMCG, cement and power stocks also traded with firm sentiments tracing overall recovery in the Indian equity markets."
On Tuesday, both the Sensex and the Nifty reclaimed their psychologically important marks of 26,000 points and 8,000 points respectively.
The barometer index was up 406.34 points or 1.57 per cent at 26,213.44 points, and the NSE Nifty surged by 124.60 points or 1.58 per cent to close at 8,032.85 points.
