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Short-covering, strengthened rupee buoy Indian equities

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Short-covering, strengthened rupee buoy Indian equities

Mumbai, 29 Dec 2016  : Short-covering on the back of futures and options (F&O) expiry and a rupee appreciation buoyed the Indian equity markets during the mid-afternoon trade session on Thursday.

Besides, budgetary expectations and value buying enhanced investors’ risk-taking appetite, though negative global cues hampered the upward movement.

The key indices traded in the green, as healthy buying was witnessed in consumer durables, oil and gas and IT stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 31.40 points or 0.39 per cent to 8,066.25 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 26,429.41 points, traded at 26,294.36 points (around 2.00 p.m.) — up 83.68 points or 0.32 per cent from the previous day’s close at 26,210.68 points.

The Sensex has touched a high of 26,429.63 points and a low of 26,166.67 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,519 advances and 894 declines.

“Short-covering and F&O expiry dynamics slightly buoyed the Indian equity markets. Besides, investors remained interested on the back of relief measures that are expected to be announced in the upcoming Union Budget,” Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services, told IANS.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty witnessed volatility due to profit booking at higher levels.

“Bearish USD/INR futures prices supported the Nifty at lower levels inducing volatility in the Indian markets,” Desai said.

“Oil-gas, media-entertainment, FMCG, textile, cement and power stocks traded with firm sentiments, while aviation stocks also witnessed buying support tracking bearish crude oil prices.”

On Wednesday, the equity markets had closed on a flat note on the back of profit booking ahead of derivatives expiry and outflow of foreign funds.

The barometer index was down a tad 2.76 points or 0.01 per cent, whereas the NSE Nifty inched up by 2.00 points or 0.02 per cent.

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

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