Hopes of positive Q3 results, budget sops lift equities

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Mumbai: Hopes of positive third- quarter results, along with expectations on more spending support from the upcoming Union Budget and a strengthened rupee lifted the Indian equity markets on Tuesday.

Healthy buying was witnessed in the automobile, capital goods and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 52.55 points or 0.64 per cent to 8,288.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,811.63 points, provisionally closed at 26,899.56 points (at 3.35 p.m.) — up 173.01 points or 0.65 per cent from the previous close at 26,726.55 points.

The Sensex touched a high of 26,914.95 points and a low of 26,804.17 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,668 advances and 1,146 declines.

On Monday, profit-booking, coupled with rupee depreciation subdued the Indian equities markets.

The NSE Nifty had inched down by 7.75 points or 0.09 per cent to 8,236.05 points, while BSE Sensex receded by 32.68 points or 0.12 per cent to 26,860.81 points.

According to SMC Global Securities, the Indian equities markets rose on the back of healthy buying seen in blue chip companies such as HDFC Bank, Tata Motors, Reliance Industries and ITC to name a few amid mixed global cues.

“Nifty has closed at the highest level in the previous eight weeks which indicates a positive break out situation. Going forward Nifty might move towards 8,400 levels,” SMC Global Securities said in a commentary to IANS.

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