Healthy macro-data lifts Indian equities

Mumbai, Feb 16 (IANS) Healthy macro-data, coupled with broadly positive Asian indices and value buying, lifted the Indian equities markets on Thursday.

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

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 53.30 points or 0.61 per cent to 8,778 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,223.85 points, closed at 28,301.27 points -- up 145.71 points, or 0.52 per cent, from the previous close at 28,155.56 points.

The Sensex touched a high of 28,327.84 points and a low of 28,146.19 points during the intra-day trade.

The BSE market breadth was in favour of the bulls -- with 1,803 advances and 998 declines.

On Wednesday, the benchmark indices were pulled lower by increased chances of an upcoming US rate hike and disappointing quarterly results.

The NSE Nifty fell by 67.60 points or 0.77 per cent to 8,724.70 points, and the BSE Sensex plunged by 183.75 points, or 0.65 per cent down to 28,155.56 points.

"Nifty recovered smartly after falling on Wednesday and closed the day higher. Asian markets, like Hang Seng, Straits, SET and Shanghai, have closed on a positive note," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

Market observers pointed out that the Indian markets' sentiment turned positive after a string of US FDA (Food and Drug Administration) approvals in the pharma space and buy-back plans in the IT space.

"Indian markets would now take cues from the RBI (Reserve Bank of India)- US FOMC (Federal Open Market Committee) minutes next week," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

Besides, investors' sentiments were also buoyed by the official data released on Wednesday which showed that Indian merchandise shipments overseas registered over four per cent growth during January 2017.

However, a weakened rupee and outflow of foreign funds capped gains.

The Indian rupee weakened by 17 paise to 67.07 against a US dollar from its previous close of 66.90 to a greenback.

In terms of investments, the provisional data with exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 215.69 crore, whereas the domestic institutional investors (DIIs) purchased scrip worth Rs 846.11 crore.

Commenting on the sector-specific movement, Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: "IT, banking, pharma, auto, textile and aviation stocks traded with firm sentiments, while stocks of media-entertainment and FMCG sectors witnessed recoveries."

"Cement and power sectors' stocks traded with firm sentiments, but oil-gas stocks failed to witness recovery due to continued selling pressure."

Sector-wise, all the sub-indices of the BSE closed in the green, except the FMCG index -- which plunged by 81.88 points.

The S&P BSE healthcare index augmented by 361.54 points, the automobile index surged by 341.34 points, and the metal index increased by 229.44 points.

Major Sensex gainers on Thursday were: Sun Pharma, up 4.31 per cent at Rs 649.30; Infosys, up 3.01 per cent at Rs 1,011.90; Maruti Suzuki, up 2.84 per cent at Rs 6,027.05; Tata Motors, up 2.14 per cent at Rs 445.90; and Tata Steel, up 2.11 per cent at Rs 469.80.

Major Sensex losers were: ITC, down 2.45 per cent at Rs 266.70; Asian Paints, down 1.18 per cent at Rs 969.75; Adani Ports, down 0.75 per cent at Rs 298.25; Larsen and Toubro (L&T), down 0.66 per cent at Rs 1470.40; and ICICI Bank, down 0.66 per cent at Rs 278.80.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)