Hopes of healthy Q1 results lift equity indices (Ld)

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Mumbai, July 30 (IANS) Hopes of healthy quarterly results as well as some value buying opportunities buoyed India's equity markets during the pre-noon trade session on Friday.

Initially, the equity markets had a flattish opening due to negative global cues which emanated from rising Covid cases.

Consequently, the BSE Sensex traded at 52,726.27 points, at 11.40 a.m., higher by 73.20 points or 0.14 per cent from its previous close.

The Nifty50 on the National Stock Exchange traded at 15,803.45, higher by 25 points or 0.16 per cent from its previous close.

"Indian benchmark indices started with a gap down and turned positive with the start. With the hope from Chief Economic Advisor stating that India's inflation level will mellow down from six per cent gave investors some confidence which has been a little skeptical this week," said Gaurav Garg, Head of Research at CapitalVia Global Research.

Garg said: "15,800 is an important level in the market if the market sustains above 15,800, we can expect the market to trade till the level of 15,920-15,950. With the global market being positive with strong company earnings we can expect the market to stay strong in the near future."

According to Deepak Jasani- Head of Retail Research at HDFC Securities: "Indian markets have remained mildly bullish in early trade on July 30 going against the major trend in Asian markets. Auto stocks are up based on good guidance and positive corporate developments."

"Individual stocks are seeing action based on the Q1FY22 results declared over the past two days. After seeing intra week weakness, markets have so far recovered but Nifty is still 0.35 per cent lower for the week, while for the July month it is marginally positive."

--IANS

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