Positive global cues push equity indices higher

Positive global cues pushed the key indices of the Indian equity market higher during the early morning trade session on Monday.

According to market observers, positive Asian markets, along with healthy buying in automobiles, banks, capital goods, oil and gas and metals stocks led to the rise.

At 12.50 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 34,371.98 points -- up 229.83 points, or 0.67 per cent, from its previous close of 34,142.15 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher. It rose by 71.35 points, or 0.68 per cent to 10,562.40 points.

In the intra-day trade so far, the S&P BSE Sensex touched a high of 34,435.06 points and a low of 34,225.72 points.

"Sensex and Nifty took cues from the US and Asian markets to open in the positive territory and traded in the green till the afternoon trade so far," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Nifty continuing its upward momentum can take markets to levels of 10,595 points - 10,650 points with support coming in at 10,480 points."

On Friday -- the previous trade session -- both the key indices closed at almost a week's highs as positive global cues, along with a strong rupee and value buying, lifted investors' sentiments.

The Nifty50 had edged higher by 108.35 points, or 1.04 per cent, to close at 10,491.05 points, while the Sensex closed at 34,142.15 points -- up 322.65 points, or 0.95 per.

--IANS

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