May 9 (IANS) Value buying, along with expectations that key economic legislation will get parliamentary approval, propelled the Indian equity markets on Monday.<\/p>\n
Consequently, the Indian equity markets surged during the mid-afternoon session. Healthy buying was observed in interest rate sensitive stocks like banks, auto and capital goods.<\/p>\n
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was up by 101.05 points, or 1.31 percent, at 7,834.50 points.<\/p>\n
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,321.83 points, traded at 25,576.07 points (at 1.50 p.m.) — up 347.57 points or 1.38 percent from the previous close at 25,228.50 points.<\/p>\n
The Sensex has so far touched a high of 25,608.59 points and a low of 25,302.86 points during the intra-day trade.<\/p>\n
The BSE market breadth was tilted in favour of the bulls — with 1,586 advances and 910 declines.<\/p>\n
Both the key Indian indices had ended on a flat-to-negative note on Friday. The barometer index had lost 33.71 points or 0.13 percent, while the NSE Nifty had closed lower by 2.05 points or 0.03 percent.<\/p>\n
Initially, the equity markets opened on a positive note, as value buying after last week’s consolidation lifted prices.<\/p>\n
Besides, expectations that key economic legislation will get parliamentary approval supported the equity markets’ rise.<\/p>\n
In addition, investors’ risk appetite was increased after a dismal US non-farm payrolls data reduced the potential for a June rate hike there. The US data for last month showed that the economy created 160,000 jobs, against 215,000 in March.<\/p>\n
A US rate hike could potentially lead to a massive pull-back of foreign funds from emerging economies like India. It is also expected to dent business margins as access to capital from the US will become expensive.<\/p>\n
“After a week of consolidation, value buying and hopes that more economic legislation will get parliament’s approval lifted prices,” Anand James, chief market strategist, Geojit BNP Paribas Financial Services, told IANS.<\/p>\n
“Besides, reduced potential of a US rate hike in June, due to lower non-farm payrolls data boosted investors’ sentiments.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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