Positive Asian markets push equity indices higher

Positive Asian markets push equity indices higher

Bombay Stock Exchange. (File Photo: IANS)

Mumbai, May 7 (IANS) Broadly positive Asian indices coupled with expectations of healthy quarterly earning results pushed the key Indian equity indices to trade higher during the morning session on Monday.

However, gains were capped due to caution over the upcoming assembly polls in Karnataka.

According to market observers, healthy buying was witnessed in consumer durables, metals, automobile and banking stocks.

At 11.00 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,654.50 points -- up 36.25 points or 0.34 per cent -- from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 34,983.59 points, traded at 35,030.98 points -- up 115.60 points or 0.33 per cent -- from its previous session's close of 34,915.38 points.

The Sensex has so far touched a high of 35,061.56 points and a low of 34,977.74 points during the intra-day trade.

"Markets traded on a higher note during Monday (morning session) taking cues from their global peers," said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.

Desai cautioned: "Choppiness is expected to continue during the week ahead due to the Karnataka assembly polls on Saturday.

"Other economic data, investors will look forward to fiscal deficit data, industrial production data and consumer price index (CPI) data to be released during this week."

On May 4, -- the previous trade session -- both the key indices closed in the red due to consistent outflow of foreign funds along with weak Asian equities, geopolitical tensions in Middle East and high crude oil prices.

Consequently, the NSE Nifty50 closed at 10,618.25 points, down by 61.40 points or 0.57 per cent from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE had closed in the red. It closed at 34,915.38 points -- down 187.76 points or 0.53 per cent -- from its previous session's close.

--IANS

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