Global cues, value buy lift equities; Sensex rises over 1,000 pts

Mumbai (IANS) Favourable global cues, as well as value buying, lifted India's key equity indices during the mid-afternoon trade session on Tuesday.

Accordingly, the two indices had a gap up opening on account of favourable global cues and declining VIX.

In terms of counters, all sectors traded in green barring the realty and media stocks.

Consequently, the S&P BSE Sensex at around 1.45 p.m. was up by 1,011.95 points, or 2.06 per cent, to 50,020.45 points from the previous close.

The NSE Nifty50 on the National Stock Exchange traded at 14,801.80, up by 294.50 points, or 2.03 per cent, from its previous close.

"At current juncture, both Nifty and Bank Nifty are recovering and sustaining well above their crucial support," said Jay Purohit, Technical and Derivatives Analyst, MOFSL.

"Overall chart structure is getting positive and traders can play buy on decline strategy."

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "Market opened on a positive note following the positivity in the Asian market. The US market ended slightly in the red with bank shares falling due to the potential losses from hedge fund's default."

"If the market closes and sustains the level of 14,750 we can expect more positive momentum in the market to continue till the level of 15,100. All major indices are trading in green other than the Realty sector. UPL and JSW steel are the top gainers while M&M and Bharti Airtel are the top losers on Nifty."

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