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Global cues, value buying lift equities, metal stocks’ shine

Mumbai, July 29 (IANS) India’s key Indian equity indices made healthy gains on Thursday, following positive global cues.

The gains came on the back of recovery in the Asian markets — especially the Hong Kong and Chinese indices – and a day after US Fed kept its interest rates unchanged.

Besides, expectations of healthy quarterly results and encouraging response to metal stocks pushed the markets higher.

The S&P BSE Sensex closed at 52,653.07, higher by 209.36 points, or 0.40 per cent, from its previous close.

The NSE Nifty50 ended the day’s trade at 15,778.45, higher by 69.05 points, or 0.44 per cent, from its previous close.

“A broader rally took the advance decline ratio up and volumes rose above recent highs. Metals sector was the main gainer followed by realty and IT,” HDFC Securities’ Head of Retail Research, Deepak Jasani, said.

“Nifty witnessed a small high low range of 80 points on July 29 despite it being a F&O expiry day. In terms of index, the markets are finding it difficult to breach near term highs. However the broader market continues to do well, boosted partly by Q1FY22 results.”

Geojit Financial Services’ Head of Research Vinod Nair said: “Global markets were on track to rebound after the panic sell-off surrounding Fed policy and Chinese tech crackdown cooled off.”

“Despite the hawkish commentary from Fed, it did not signal a rush to taper the stimulus measure. China’s attempt to calm investor’s nerves also helped the market to take a breather.”

LKP Securities’ Head of Research S. Ranganathan said: “The Fed decision to keep interest rates steady and liquidity infusion by the PBOC brought back bulls today morning as Metals led the rally buoyed by an expected rise in steel consumption.”

“Aluminium stocks too joined the party today well supported by Midcap IT stocks.”

–IANS

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