Sensex soars 440 pts on strong buying support

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SME Times News Bureau | 30 Aug, 2016
Indian equity markets were on Tuesday buoyed by strong buying support across sectors, coupled with positive global cues.

Consequently, the key indices provisionally closed the day's trade with gains of more than 1.5 per cent each, as healthy buying was witnessed in automobile, banking and healthcare stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 139.15 points, or 1.62 per cent to 8,746.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,012.46 points, provisionally closed at 28,343.01 points (at 3.30 p.m.) -- up 440.35 points, or 1.58 per cent from the previous close at 27,902.66 points.

The Sensex touched a high of 28,478.02 points and a low of 28,010.66 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls -- with 1,628 advances and 1,076 declines.

On Monday, both the key Indian indices had ended in the green, as the markets witnessed a sudden spurt of buying activity during the last hour of trade due to short covering and sector-specific buying.

The barometer index had gained 120.41 points, or 0.43 per cent, while the NSE Nifty edged up by 34.90 points, or 0.41 per cent.

"Overall firm sentiments were seen in the Indian equity markets in intra-day trade," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"CNX Nifty traded with firm sentiments and held the gains throughout the session."