Indian equities zoom up on positive buying sentiment

Mumbai, March 14 (IANS) Indian equity markets surged during the mid-afternoon trade session on Tuesday following crucial state election results declared on March 11.

Besides, investors' sentiments were lifted by a strong rupee, broadly positive global cues and healthy buying witnessed in banking, capital goods and automobile stocks.

The key indices witnessed a gap up opening and traded with gains of over 1.50 per cent each.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 142.80 points or 1.60 per cent, to 9,077.35 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,437.23 points, traded at 29,409.89 points (at 1.00 p.m.) -- up 463.66 points or 1.60 per cent from the previous close at 29,946.23 points.

The Sensex has so far touched a high of 29,561.93 points and a low of 29,356.05 points during the intra-day trade.

The BSE market breadth was skewed in favour of bulls -- with 1,697 advances and 971 declines.

"Indian equity markets witnessed firm opening, tracking positive state election results for ruling party at the Centre. The benchmark indices witnessed gap up opening on strong buying sentiments," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Bearish USD/INR futures prices also supported the firm sentiments of the markets. Almost all sector stocks traded with firm sentiments tracking over all buying activities in Indian equity markets."

On March 10, the benchmark indices had inched up on the back of strong rupee, fresh inflow of foreign funds and positive global cues.

The NSE Nifty gained 7.55 points or 0.08 per cent to 8,934.55 points, while the barometer Sensex was up by 17.10 points or 0.06 per cent to 28,946.23 points.

The Indian equity markets were closed on Monday on account of Holi.