Short-covering, Asian markets buoy domestic indices

Mumbai, Nov 8 (IANS) Short-covering, along with positive Asian markets and healthy buying in pharma stocks led the key domestic equity indices to trade on a flat-to-positive note during the noon session on Wednesday.

According to market observers, healthy buying support was witnessed for the banking, IT and capital goods counters, whereas heavy selling was seen in consumer durables, metals and oil and gas stocks.

At 12.30 p.m. the S&P BSE Sensex traded 24 points or 0.07 per cent higher.

However, the NSE Nifty50 traded flat at 10,348.40 points.

The Sensex, which opened at 33,417.35 points, traded at 33,395.23 points (at 12.30 p.m.), higher by 24.47 points or 0.07 per cent from Tuesday's close at 33,370.76 points.

The Sensex touched a high of 33,484.70 points and a low of 33,331.80 points during the intra-day trade so far.

"The benchmark BSE Sensex recovered in early trade due to buying in pharma and IT stocks after recent losses, but fell soon after... Sectoral indices led by healthcare, IT, consumer durables, tech and auto were leading the recovery," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Traders said foreign fund inflows and small gains at most of other Asian markets influenced trading sentiments... Investors were eyeing growing tensions in the Middle East with concern, keeping a cautious tone on trade."