Mumbai March 8 (IANS) Breaking a six-day losing streak the key Indian equity indices on Thursday surged riding on positive cues from the Asian markets as well as value buying by investors.
According to market observers easing prospect of trade wars along with healthy buying in banking auto and IT stocks added to the upward trajectory of the key indices.
Around 1 p.m. the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 44.15 points or 0.43 per cent to trade at 10 198.35 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE which opened at 33 244.52 points traded at 33 200.95 points -- up 167.86 points or 0.51 per cent from its previous session s close.
The Sensex has so far touched a high of 33 309.36 points and a low of 33 037.48 points during the intra-day trade.
However the BSE market breadth was bearish with 1 541 declines and 1 003 advances.
"Indian equity markets traded higher on Thursday -- snapping a six-day losing streak -- on local fund buying tracking positive Asian shares as worries surrounding a trade war eased on talks of possible US tariff exemptions " said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
On Wednesday heavy selling pressure in banking capital goods and healthcare stocks as also negative cues from Asian and European markets dragged the benchmark indices lower.
The Nifty50 receded by 95.05 points or 0.93 per cent to close at 10 154.20 points while the Sensex closed at 33 033.09 points -- down 284.11 points or 0.85 per cent.
--IANS
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