Economic reforms, value buying lift equity markets

Mumbai, June 20:

Announcements on further economic reforms, along with value buying and higher global markets, lifted key domestic equity indices on Monday.

The equity markets opened on a downside prompted by news of Reserve Bank of India (RBI) Governor Raghuram Rajan formally declining a second term. However, they pared their early losses to provisionally close in the green.

Healthy buying was witnessed in automobile, IT (information technology) and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 68.30 points, or 0.84 per cent, at 8,238.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,497.11 points, provisionally closed at 26,866.92 points (at 3.30 p.m.) — up 241.01 points or 0.91 per cent from the previous close at 26,625.91 points.

The Sensex touched a high of 26,885.49 points and a low of 26,447.88 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,382 advances and 1,198 declines.

Both the key Indian indices ended in the green on Friday, following positive global cues and value buying. The barometer index had surged by 100.45 points or 0.38 per cent, while the NSE Nifty had risen by 29.45 points or 0.36 per cent. (IANS)