Short covering, healthy Q4 results lift equity markets

Short covering, along with expectations of healthy quarterly results, pushed the Indian equity markets higher on Monday.

Consequently, the key indices of the Indian equity markets made gains during the early morning session.

Healthy buying was witnessed in metals, banks and automobile stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded higher by 39.95 points or A0.49 percent, at 8,196.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,694.75 points, traded at 26,772.36 points (at 9.30 a.m.) — up 118.76 points or 0.45 percent from the previous close at 26,653.60 points.

The Sensex has so far touched a high of 26,783.13 points and a low of 26,684.35 points during the intra-day trade.

In contrast, the BSE market breadth was tilted in favour of the bulls — with 984 advances and 418 declines.

The key Indian indices had ended on a higher note during the previous trade session on May 27. They also touched their new six-month intra-day high levels on last Friday.

The barometer index had gained 286.92 points or 1.09 percent, while the NSE Nifty had edged up by 87 points or 1.08 percent.

Positive global cues, fresh influx of foreign funds and healthy fourth quarter results had catapulted the key indices to their highest weekly close in the last three months during the week ended May 27.




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