Expectations of healthy Q4 results buoy markets

Expectations-of-healthy-Q4-Mumbai, (IANS) Expectations of healthy quarterly results, along with better-than-expected macro-economic data and forecast of above-average monsoon rains, buoyed the Indian equity markets on Monday.

Consequently, the key indices of the Indian equity markets traded in the green during the late-afternoon trade session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) edged higher by 43.65 points or 0.56 percent, to 7,894.10 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,833.16 points, traded at 25,789.47 points (at 3.00 p.m.) — up 162.72 points or 0.63 percent from the previous close at 25,626.75 points.

The Sensex touched a high of 25,870.03 points and a low of 25,634.12 points during the intra-day trade.

The BSE market breadth was tilted in favour of bulls — with 1,365 advances and 1,192 declines.

Both the key Indian indices had ended on a higher note in the previous trade session on Wednesday. The barometer index had surged 481 points or 1.91 percent, and the NSE Nifty gained 142 points or 1.84 percent.

On Monday, both the key indices opened on a firm note. However, gains were soon ceded due to worries over decline in global crude oil prices and negative Asian markets.

Nevertheless, expectations of healthy fourth quarter (Q4) results, helped equity markets pare their losses.

Investors were cheered after software major Infosys came out with healthy fourth quarter numbers.

The IT major reported a robust growth of over nine percent in 2015-16 and projected higher revenue growth for 2016-17.

Besides, positive macro-economic data released on Monday showed that India’s annual wholesale inflation remained in the negative zone for the 17th straight month. The data cheered investors and supported prices.

Medaram Jathara

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