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Equity markets trade range bound; metal, bank stocks surge (Third Lead)

Mumbai, July 25 (IANS) Indian equity markets traded range bound — on a flat-to-positive note — during the mid-afternoon session on Tuesday, with healthy buying witnessed in metal and banking stocks.

According to market observers, expectations of healthy quarterly results, coupled with broadly positive global cues, lifted both the NSE Nifty and BSE Sensex to experience “gap-up” opening from their previous session’s close and touch new record highs during early hours of trade.

Besides, factors such as hopes of a lending rate cut by the Reserve Bank of India in its next policy review, along with inflows of foreign funds and consistent projection of healthy economic growth, enhanced the risk-taking appetite of investors.

At 2.40 p.m., the wider Nifty of the National Stock Exchange (NSE) was up 3.50 points or 0.04 per cent to trade at 9,969.90 points.

The Nifty, which breached the 10,000-points level during the day’s early trade (at 9.15 a.m.) just after the pre-open session, touched a high of 10,011.30 points during the intra-day trade.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,350.71 points, traded at 32,255.36 points — up 9.49 points or 0.03 per cent — from its previous close at 32,245.87 points.

The Sensex has so far touched a high of 32,374.30 points during intra-day trade.

On Monday, the benchmark indices were lifted to new highs on the back of healthy quarterly results, coupled with intense buying activity witnessed in index heavyweights such as HDFC Bank, Reliance Industries (RIL), ITC and Infosys.

The Nifty rose by 51.15 points, or 0.52 per cent, to close at a fresh high of 9,966.40 points, after it touched a record high of 9,982.05 points during intra-day trade.

Similarly, the Sensex closed at a new high of 32,245.87 points — up 216.98 points, or 0.68 per cent. It touched a record intra-day high of 32,320.86 points.

Post Source: Ians feed

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