Positive global cues, strong rupee lift Indian equities

Mumbai, March 23 (IANS) Positive global cues, coupled with a marginally strong rupee and healthy buying in automobile, oil and gas, and capital goods stocks lifted the Indian equity markets on Thursday.

The key indices traded in the green during the mid-afternon trade session on the back of short covering -- breaking the streak of three consecutive sessions of losses.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.10 points or 0.37 per cent to 9,063.55 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,201.01 points, traded at 29,260.84 points (at 1.00 p.m.) -- up 93.16 points or 0.32 per cent from the previous close at 29,167.68 points.

The Sensex has so far touched a high of 29,315.18 points and a low of 29,198.08 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls -- with 1,647 advances and 933 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty, which opened on a firm note tracking positive global cues, currently traded with firm sentiments due to short covering.

"Bearish USD/INR futures prices also supported the recovery of the Indian Equity markets at current levels," Desai said.

"IT, banking, pharma, auto, oil-gas and textile stocks traded in the green due to short covering, while media-entertainment and telecom sector stocks also traded with firm sentiments due to continuous buying support."

On Wednesday, the benchmark indices were dented on the back of negative global cues, coupled with a weak rupee and heavy selling pressure.

The NSE Nifty fell by 91.05 points or one per cent to close at 9,030.45 points, while the Sensex was down 317.77 points or 1.08 per cent at 29,167.68 points.