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Strong buying support lifts Indian equities

Five consecutive sessions of losses, as strong buying support was witnessed in consumer durables, automobile and capital goods stocks on Indian equity markets.

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Indian equity markets on Thursday closed in the green after five consecutive sessions of losses, as strong buying support was witnessed in consumer durables, automobile and capital goods stocks.

However, caution prevailed over the ongoing fourth quarter results season, coupled with mixed global cues and outflow of foreign funds.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 32.90 points or 0.36 per cent to 9,136.40 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,358.59 points, closed at 29,422.39 points -- up 85.82 points or 0.29 per cent from the previous close at 29,336.57 points.

The Sensex 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 1,845 advances and 1,029 declines.

On the currency front, the Indian rupee, which opened lower by eight paise at 64.66 per dollar from its previous close of 64.58, closed the day's trade on a flat note at 64.56-57 to a greenback.

In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 168.84 crore, while the domestic institutional investors (DIIs) purchased scrip worth Rs 8.82 crore.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark index CNX Nifty extended gains in the intra-day session amid consolidation and buying support.

Sector-wise, the consumer durables index surged by 189.19 points, followed by the automobile index, which edged higher by 152.71 points, and the capital goods index, which rose by 118.85 points.

In contrast, the S&P BSE banking index dipped by 130.91 points, the oil and gas index slipped by 36.01 points, and the healthcare index fell by 21.11 points.

Major Sensex gainers on Thursday were: Gail, up 2.02 per cent at Rs 402.10; Adani Ports, up 1.83 per cent at Rs 331.65; HDFC, up 1.82 per cent at Rs 1,516.95; Maruti Suzuki, up 1.17 per cent at Rs 6,272.80; and TCS, up 1.16 per cent at Rs 2,328.35.

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