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Lower oil prices, global cues lift equity indices; realty stocks rally (Roundup)

 
Mumbai, Oct 7 (IANS) Receding crude oil prices along with bouyant global cues lifted India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Thursday's trading session.

Globally, Asian shares rose led mainly by Chinese tech shares which tracked a rally on Wall Street after signs of progress on resolving the standoff in the Congress over debt ceiling.

Similarly, European stocks also rebounded.

Sector wise, realty, consumer durables and auto indices gained the most whereas oil and gas and telecom were the two indices that ended in the negative.

The 30-scrip S&P BSE Sensex closed at 59,677.83 points, up 488.10 points or 0.82 per cent from its previous close. The Sensex opened at 59,632.81 points from its previous close of 59,189.73 points.

The NSE Nifty50 ended the day's trade at 17,790.35 points, up by 144.35 points or 0.82 per cent from its previous close. It opened at 17,810.55 points from its previous close of 17,646 points.

"Nifty rebounded after the sell-off seen on the previous day," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Nifty formed a doji which was appearing within the high low range of the previous day. Hence this pattern does not have any predictive ability," he added.

According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: "Indian equities opened gap up and made a smart recovery backed by positive global cues ahead of the earning season.

"Domestic markets are holding up strong on the back of several positive factors like rating outlook upgrade, strong pre-quarterly data and healthy commentary from corporates for the festive season."

Vinod Nair, Head of Research at Geojit Financial Services, said, "The domestic market was pushed by strong buying in auto, realty and IT sectors which bolstered the market to sustain the trend in favour of the bulls.

"Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season, while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector."

--IANS
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