Global cues, rupee lift equities; indices touch new intra-day highs

Positive global cues and an appreciating rupee cheered the Indian equity markets during the mid-afternoon trade session on Thursday, lifting the key indices to new intra-day highs.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) scaled a new intra-day high of 9,450.65 points and the BSE Sensex of 30,366.43 points.

On Wednesday, the benchmark indices had recorded new intra-day highs -- as well as new 52-week highs -- with the NSE Nifty touching a new intra-day high of 9,414.75 points and the BSE Sensex 30,271.60 points.

Market observers pointed out that the upward trajectory of the key indices was backed by healthy monsoon forecast and buying in automobile, banking and metal stocks.

At around 1 p.m. on Thursday, the Nifty traded 32 points or 0.34 per cent higher at 9,439.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,309.71 points, traded at 30,318.01 points -- up 69.84 points or 0.23 per cent from its previous close at 30,248.17 points.

The BSE market breadth was bullish, with 1,340 advances and 1,290 declines.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said the equity benchmark indices started on a firm note and continued their bull run tracking positive Asian cues and appreciation of the rupee against the US dollar.

"Both the indices hit fresh all time high levels in the morning session. Good corporate earnings, sustained fund inflows and normal monsoon forecast supported the firm sentiments," Desai told IANS.

"Most banking stocks currently traded with firm sentiments lead by Canara Bank, Bank of India and Bank of Baroda. Realty, media-entertainment and cement sector stocks complemented the firmness of the equity markets."

On Wednesday, the benchmark indices closed at new highs on reports that the government's weather forecaster had predicted healthy monsoon rains.

The NSE Nifty closed at 9,407.30 points -- up 90.45 points or 0.97 per cent, while the BSE Sensex closed at a new high of 30,248.17 points -- up 314.92 points or 1.05 per cent.