Equity indices trade with gains; banks, auto stocks lift sentiments

Mumbai, Nov 16 (IANS) Snapping a three-day losing streak, key Indian equity indices on Thursday traded in the green, with the BSE Sensex surging almost 300 points during the mid-afternoon session.

According to market observers, healthy buying in banking, automobile and IT stocks pushed the equity indices higher despite weak Asian cues.

At 12.50 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 85.45 points or 0.84 per cent at 10,203.50 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,829.82 points, traded at 33,046.42 points -- up 285.98 points or 0.87 per cent -- from Wednesday's close.

The Sensex has so far touched a high of 33,079.10 points and a low of 32,829.82 points during intra-day trade.

The BSE market breadth was bullish -- 1,564 advances and 911 declines.

"The benchmark indices were trading higher even as Asian markets traded weak after Wall Street stumbled despite upbeat US economic news. The treasury yield curve hit its flattest in a decade as investors priced in more US rate hikes," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"As many as 23 companies on the BSE are likely to report their September quarter results. Shares of non banking financial companies were trading higher."

On Wednesday, the benchmark indices were dragged lower by a huge sell-off in metal stocks as well as disappointing trade deficit data.

The NSE Nifty50 fell by 68.55 points or 0.67 per cent to 10,118.05 points, while the Sensex of the BSE closed at 32,760.44 points -- down 181.43 points or 0.55 per cent.