Buying support in IT, auto and health lifts Indian equities

Mumbai: Due to healthy buying of stocks in IT, auto and health sectors, Indian equities market traded on a flat-to-positive note in the early trade session on Thursday.

 IT stocks were leading the gains after Tata Consultancy Services Ltd said its board would consider a share buyback plan at a meeting next week.

Indian equities surged during the mid-afternoon trade session on Thursday as positive global cues and short covering buoyed investors` sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 34.50 points or 0.40 per cent to 8,759.20 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,223.85 points, traded at 28,257.84 points (at 1.30 p.m.) -- up 102.28 points, or 0.36 per cent, from the previous close at 28,155.56 points.

The Sensex has so far touched a high of 28,305.55 points and a low of 28,146.19 points during the intra-day trade.

The BSE market breadth was in favour of the bulls -- with 1,616 advances and 984 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with firm sentiments due to short covering.

"IT, banking, pharma, auto, textile and aviation stocks traded with firm sentiments, whereas oil-gas, FMCG and media-entertainment stocks traded with mixed sentiments due to selling pressure at higher levels," Desai added.

"Cement and power sector stocks traded with firm sentiments due to lower levels buying."

On Wednesday, the benchmark indices were pulled lower by increased chances of an upcoming US rate hike and disappointing quarterly results.

The NSE Nifty fell by 67.60 points or 0.77 per cent to 8,724.70 points, and the BSE Sensex plunged by 183.75 points, or 0.65 per cent down to 28,155.56 points.

With IANS Inputs