Equities stage relief rally, halt 7-day slide on value-buying

Share

On Wednesday, the Indian markets had closed in red after the Reserve Bank of India (RBI) announced to keep the key lending rates unchanged.

BSE Sensex trades higher by over 250 points, while the Nifty 50 rises above 10,500.

Brokers said buying by domestic institutional investors (DIIs) and a mixed trend at other Asian bourses improved the market sentiment.

Mumbai: Domestic equities on Thursday heaved a sigh of relief after corporate earnings and optimism in the Asian markets broke the seven-day losing streak, with benchmark indices Sensex and Nifty ending in the green.


The Sensex touched a high of 34,634.35 points and a low of 34,108.76 points during intra-day trade. It shuttled between a high of 10,637.80 and low of 10,479.55. Market players see some ease in market volatility in the coming two days of the week.Foreign funds continued to be net sellers with a net outflow of Rs 1,023 crore, while domestic funds were net buyers at Rs 461 crore.

Shares of Cipla (up 6.36 per cent), Sun Pharmaceutical Industries (up 3.30 per cent), Dr. Reddy's Laboratories (up 2.78 per cent), Piramal Enterprises (up 2.46 per cent) and Cadila Healthcare (up 2.25 per cent) were the top gainers in the Nifty Pharma index.

Auto components major Bharat Forge today reported a 77.39 per cent jump in net profit at Rs 228.17 crore for the quarter ended on December 31. Positive Asian cues and Brent crude futures trading at one-month low around Dollars 65 a barrel against USD 71 a barrel in January 2018 also boosted market sentiment.

Europe's STOXX 600 share index fell 0.5 per cent by mid-morning, pulled lower by a 1.5 per cent decline in basic resources, and weaker industrials stocks. A similar pattern showed up in broader markets, where the small-cap and mid-cap indices rose by 2.25 per cent and 1.82 per cent.

Share