Mumbai June 9 (IANS) Value buying coupled with domestic cues such as progress on the upcoming taxation reform -- the Goods and Services Tax (GST) -- aided the Indian equity markets recoup their losses to close on a flat-to-positive note on Friday.
According to market observers investors risk-taking appetite also rose on account of the upcoming meeting between Finance Minister Arun Jaitley and public sector banks top executives on the sector s non-performing assets (NPAs) issue.
Index-wise the Nifty of the National Stock Exchange (NSE) inched up by 21 points or 0.22 per cent to close at 9 668.25 points.
The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 196.86 points closed at 31 262.06 points -- up 48.70 points or 0.16 per cent from its previous close at 31 213.36 points.
It touched a high of 31 289.99 points and a low of 31 087.28 points during intra-day trade.
The gains came on the back of positive global cues as most global stocks rose after the surprise UK general election result left the country facing a hung parliament Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Broad market indices like the BSE mid-cap and small-cap indices rose more and outperformed the main indices. Major Asian markets have ended on a mixed note. European indices like FTSE 100 CAC 40 and DAX traded higher.
In terms of broader markets the S&P BSE mid-cap index rose by 0.28 per cent and the small-cap index by 0.50 per cent.
Anand James Chief Market Strategist Geojit Financial Services said: Early falls also attracted value buyers interested in the upcoming GST council meeting on Sunday and Finance Minister s meeting with banking heads to discuss NPA issues.
Having undergone significant correction over a month any positive outcome from discussion on NPA resolution might bring in immense buying interest in banking stocks James added.
On the currency front the rupee remained flat at 64.24-25 to a greenback from Thursday s close of 64.21-22 per US dollar.
In investments provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 100.99 crore while domestic institutional investors (DIIs) bought scrips worth Rs 324.70 crore.
Volume in equities as well as index future and options was noticeably higher than yesterday. Top gainers in NSE are VEDL Maruti and Hindalco while top losers were TECHM Gail and ITC said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
Sector-wise the S&P automobile index gained 239.41 points the metal index by 200.02 points and the banking index by 137.86 points.
On the other hand the S&P BSE consumer durables index declined by 88.38 points the IT index by 77.43 points and the finance index by 73.80 points.
Major Sensex gainers on Friday were: Maruti Suzuki up 3.00 per cent at Rs 7 451; Tata Steel up 1.47 per cent at Rs 506.30; Tata Motors up 1.40 per cent at Rs 467.20; HDFC Bank up 1.30 per cent at Rs 1 666.90; and Asian Paint up 0.94 per cent at Rs 1 154.30.
Major Sensex losers were: Gail down 1.99 per cent at Rs 380.95; ITC down 1.73 per cent at Rs 306.20; Wipro down 1.61 per cent at Rs 536.75; Infosys down 0.80 per cent at Rs 948.65; and ONGC down 0.73 per cent at Rs 169.15.
--IANS
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Value buying, GST buoy equity markets (Roundup)
