Value buying, rupee lift equity indices; banking stocks gain
Broadly positive Asian markets, along with a stable rupee and value buying pushed the key domestic equity indices higher during Monday’s morning trade session. In addition, healthy buying was seen in interest rate sensitive stocks like banks, auto and capital goods.
Besides, the Indian rupee strengthened to around 73.28 to a US dollar from its Monday’s open of 73.41 to a greenback. It had closed last Friday’s session at 73.33 against the dollar.
There was a slight rise in global crude oil prices to around $80-per-barrel and other geo-political concerns capped gains. Index-wise, the Stamp; P BSE Sensex opened at 34,689.39 points from its previous close of 34,315.63 points on last Friday. Around 9.30 a.m., it traded at 34,450.89 points higher by 135.26 points or 0.39 per cent.
Similarly, the Nifty50 of the National Stock Exchange (NSE) made gains during the morning trade session.The NSE Nifty50 traded at 10,341 points during the morning trade session, down 37.45 points and 0.36 per cent.