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Global cues, value buying lift equities; metal stocks' shine

Markets open on negative note

Markets open on negative note

Mumbai, July 29 India's key Indian equity indices made healthy gains during late-noon trade session on Thursday following positive global cues.

Accordingly, the gains came on the back of recovery in the Asian markets -- especially the Hongkong and Chinese indices - and a day after US Fed kept its interest rates unchanged.

Besides, expectations of healthy quarterly results and encouraging response to metal stocks pushed the markets higher.

Around 2.30 p.m., Sensex was trading at 52,682.39, higher by 238.68 points or 0.46 per cent from its previous close.

Nifty50 was trading at 15,786.40, higher by 77 points or 0.49 per cent from its previous close.

"Indian benchmark equity indices opened gap up on July 29 and have remained in a range at higher levels following recovery in the Asian indices - especially the Hongkong and Chinese indices," said Deepak Jasani- Head of Retail Research at HDFC Securities.

"Metal stocks were the star performer after the US Fed did not give any timeline for tapering to begin and metal prices inched up across the globe."

According to Likhita Chepa at CapitalVia Global Research: "Indian markets traded with mixed cues from across the globe. India is expected to grow with 6.5 to 7 per cent in the next financial year and more than 8 per cent in the further years to follow."

"We witnessed a reversal in the market and a swift recovery from the support level near 15,500. We expect the market to breach the level of 15,800 and trade in a small range between 15,800-15,950 in this week. The global sentiment remains positive, and we can expect the market to reach the higher levels of 16,100-16,200 in the weeks to follow."

In addition, Jay Purohit, Technical and Derivatives Analyst, MOFSL: "Market breadth is predominantly in favour of the advancing counters which is supporting the bulls."

"Today apart from profit booking decline in Pharma, FMCG, all other sectors traded in green out of which Metals are driving the market along with good strength emerging in Realty and IT counters."

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