Indian equities surge on positive global cues, strong rupee

Mumbai, Jan 5 (IANS) Indian equities markets surged during the mid-afternoon trade session on Thursday as positive global cues, appreciation in the rupee and firm crude oil prices lifted investors' sentiments.

The key indices traded with gains of more than half a per cent each, as healthy buying was witnessed in metal, automobile and banking stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 71.05 points or 0.87 per cent to 8,261.55 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,738.42 points, traded at 26,846.96 points (at 1.30 p.m.) -- up 213.83 points or 0.80 per cent from the previous day's close at 26,633.13 points.

The Sensex has touched a high of 26,871.14 points and a low of 26,738.42 points during the intra-day trade so far.

The BSE market breadth was skewed in favour of the bulls -- with 1,887 advances and 759 declines.

"The CNX Nifty held its initial gains and traded firm. Bearish USD/INR futures prices supported the uptrend in the Indian equities markets at current levels," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Almost all sector stocks traded with firm sentiments tracking overall firm sentiments in the domestic markets, barring IT stocks, which traded with mixed sentiments due to profit booking at higher levels," Desai added.

On Wednesday, weak domestic services data and a lack of consensus at the GST Council meet pulled the benchmark indices lower, with the barometer index down 10.11 points or 0.04 per cent, while the NSE Nifty inched down by 1.75 points or 0.02 per cent to 8,190.50 points.