Easing inflation lifts equities; metal stocks shine

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MUMBAI, Sept 14 (IANS): Easing inflation along with stable global cues lifted India’s key stock indices during mid-afternoon trade session on Tuesday. Initially, both key indices – S&P BSE Sensex and NSE Nifty50 – had a gap-up opening. The Nifty opened gap up and marked a new all-time high of 17,438 levels.

Globally, Asian markets were mixed on Tuesday with investors waiting for US inflation data. All the sectoral indices were in the green with media, metals, banks and realty indices gaining the most. At 2.30 pm, S&P BSE Sensex traded at 58,254.86 points, higher by 77.10 points or 0.13 per cent from its previous close. Similarly, NSE Nifty50 traded lower. It was down to 17,384.50 points, higher by 29.20 points or 0.17 per cent from its previous close.

“Overall trend is positive and it can move towards 17,500 and 17,777 levels whereas support inches higher to 17,300 then 17,150 zones. Market breadth continues to be in favour of the advancing counters which bodes well for the bulls,” said Chandan Taparia, technical and derivatives analyst, MOFSL. “Today apart from the decline in profit booking in the metal space, all other sectors are moving in the positive territory out of which the media and auto counters are outperforming.”

According to Gaurav Garg, head of research, capital via global research: “The Indian benchmark started with record high after lower inflation data. Broader markets supported the upmove as the mid-cap and small-cap indices jumped over half a per cent.”

“Traders may take note of the report that the oil marketing companies (OMCs) kept petrol, diesel prices unchanged on Tuesday for the ninth day in a row.”

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