Mumbai, Aug 22 (IANS) Positive global cues and value buying lifted the key Indian equity indices -- the NSE Nifty 50 and the BSE Sensex - higher during the mid-afternoon trade on Tuesday.
According to market observers, positive Asian markets and "an initial spurt of value buying" enhanced the risk-taking appetite of investors.
Healthy buying was witnessed in pharma stocks with Dr. Reddy's Laboratories, Lupin, Sun Pharmaceutical Industries and Divi's Laboratories all trading in green.
Lupin received establishment inspection report (EIR) from USFDA for its Aurangabad facility. The US health regulator had carried out inspection in April.
The BSE Sensex and NSE Nifty had opened higher on Tuesday against their respective previous sessions' close.
At 12.59 p.m., the 30-scrip Sensitive Index (Sensex) rose by 63.62 points or 0.20 per cent.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded higher by 28.65 points or 0.29 per cent at 9,783 points.
The Sensex of the BSE, which opened at 31,393.93 points, traded at 31,322.47 points (at 12.59 p.m.), higher by 63.62 points or 0.20 per cent from Monday's close at 31,258.85 points.
The Sensex touched a high of 31,484.28 points and a low of 31,241.50 points in the trade so far.
"Post opening at day's high, the markets cooled off and gave up all the morning gains. Markets continued to trade higher with the help of the pharmaceutical sector," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.