Begin typing your search above and press return to search.

Indian equities surge on positive global cues, strong rupee

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  6 Jan 2017 12:00 AM GMT

Mumbai, Jan 5: Indian equities markets surged on Thursday as positive global cues, appreciation in the rupee and firm crude oil prices lifted investor sentiments.

The key indices, which opened on a positive note in sync with their Asian peers, traded with substantial gains to close higher by around one per cent each.

“Markets surged higher on Thursday after three days of consolidation. The gains came on the back of positive Asian markets,” Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

“Technically, the Nifty has broken out of a rrow range seen in the previous three sessions and closed just below the previous intermediate high of 8,275.” The wider 51-scrip Nifty of the tiol Stock Exchange (NSE) edged up by 83.30 points or 1.02 per cent to 8,273.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,738.42 points, closed at 26,878.24 points — up 245.11 points or 0.92 per cent from the previous day’s close at 26,633.13 points.

The Sensex touched a high of 26,917.21 points and a low of 26,738.42 points during the intra-day trade. The BSE market breadth was skewed in favour of the bulls — with 1,962 advances and 887 declines.

On Wednesday, weak domestic services data and a lack of consensus at the GST Council meet pulled the benchmark indices lower, with the barometer index down 10.11 points or 0.04 per cent and the NSE Nifty down 1.75 points or 0.02 per cent to 8,190.50 points.

“In today’s trade, the Nifty regained the 8,200-mark in the opening trade and traded firm on the back of the gains in Asia after US Federal Reserve’s minutes suggested a less hawkish stance from policymakers,” SMC Global Securities said in a commentary to IANS.

“Market participants are eagerly waiting for the announcements from the budget, expecting that government would keep spending under control and promote growth after its demonetisation scheme, which has paralysed large parts of the economy.”

Besides, the Indian rupee appreciated against the dollar in the day’s session. It strengthened by eight paise to 67.97 against a US dollar from its previous close of 68.05 to a greenback.

In terms of investments, provisiol data with exchanges showed that the foreign institutiol investors (FIIs) sold stocks worth Rs 86.88 crore, whereas the domestic institutiol investors (DIIs) purchased scrip worth Rs 449.07 crore.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments throughout the trading session tracking positive global cues, firm USD/INR futures prices and buying support.

“Almost all sector stocks maged to trade firm and hold gains at higher levels tracking over all firm sentiments in the domestic markets,” Desai said.

“However, IT stocks faced resistance at higher levels in the second half of the session and traded with mixed sentiments.” Sector-wise, the S&P BSE automobile index surged by 379.79 points, followed by the metal index by 310.41 points, and the banking index by 276.17 points.

On the contrary, the S&P BSE IT index receded by 78.74 points, followed by the TECK (technology, media and entertainment) index by 18.33 points.

Major Sensex gainers on Thursday were: Adani Ports, up 4.88 per cent at Rs 287.75; Tata Steel, up 3.47 per cent at Rs 419.15; Tata Motors, up 3.18 per cent at Rs 501.95; ONGC, up 2.73 per cent at Rs 199.65; and Power Grid, up 2.50 per cent at Rs 190.80.

Major Sensex losers were: Tata Consultancy Services (TCS), down 1.85 per cent at Rs 2,334.55; HDFC Bank, down 0.22 per cent at Rs 1,183.45; Infosys, down 0.19 per cent at Rs 996.40; and NTPC, down 0.03 per cent at Rs 164.75. (IANS)

Next Story