Indian equities trade higher, consumer durables stocks surge

Mumbai, April 20 (IANS) Indian equity markets on Thursday traded with positive sentiments on strong buying support witnessed in consumer durables, capital goods and automobile stocks.

However, caution prevailed over the ongoing fourth quarter results season, coupled with mixed global cues and a marginally weak rupee.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 28.25 points or 0.31 per cent to 9,131.75 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,358.59 points, traded at 29,419.98 points (at around 1.50 p.m.) -- up 83.41 points or 0.28 per cent from the previous close at 29,336.57 points.

The Sensex has so far touched a high of 29,453.06 points and a low of 29,341.68 points during the intra-day trade.

The BSE market breadth was bullish -- with 1,766 advances and 886 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark CNX Nifty, which started off the day on a slightly negative note tracking mixed global cues, recovered immediately and extended gains amid consolidation and buying support.

"Both the indices currently traded with strong buying support. Banking sector stocks witnessed strong recovery from day's low, particularly PSU banks, after the new NPA (non-performing assets) policy from government," Desai told IANS.

"IT sector stocks extended gains on strong buying support. Auto, tyre, textile and aviation sector stocks also complemented the firmness in the market."

On Wednesday, the benchmark indices closed on a flat note on the back of prolonged outflow of foreign funds and heavy selling pressure in banking stocks.

The NSE Nifty inched down by 1.65 points or 0.02 per cent to close at 9,103.50 points, while the BSE Sensex closed at 29,336.57 points -- up a mere 17.47 points or 0.06 per cent.