Bargain hunting, PSU banks stocks lift equity indices

Key Indian equity markets open higher Sensex up 150 points

According to market observers, healthy buying in banking, IT and metal stocks pushed the equity indices higher.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,106.82 points - up 346.38 points or 1.06 per cent - from Wednesday's close.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

"Markets bounced back sharply on Thursday to close with hefty gains".

Indian shares snapped three-day fall on Thursday, led by gains in refiners such as Reliance Industries Ltd as oil prices dropped overnight.

At 12 Noon: Markets continued to trade in green.

Stocks have made little headway this month as scant progress on US tax reform and record high levels for many markets restrict appetite for risk-taking investments.

Nasdaq closed in red, down by 0.47 per cent while FTSE 100 was also down by 0.57 per cent at the closing on Wednesday. "India's trade deficit widened to nearly a 3-year high of $14 billion last month as imports surged", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Indian shares look set to open slightly higher on Thursday, with hopes for further rationalization of Goods and Services Tax (GST) rates and the findings of a survey highlighting Prime Minister Modi's enduring political strength likely to support sentiment after three days of losses.

The Nifty too, was down by 68.55 points or 0.67 per cent.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 447.42 crore, while domestic institutional investors purchased scrips worth Rs 847.45 crore.



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