Short covering lifts equity markets (Third Lead)

Short covering, along with positive global indices and a firm rupee lifted the Indian equity markets on Friday.

Consequently, the key indices provisionally closed the day with substantial gains, as healthy buying was witnessed in automobile, banking and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 132.05 points, or 1.54 per cent, to 8,683.15 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,810.55 points, provisionally closed at 28,078.35 points (at 3.30 p.m.) -- up 363.98 points, or 1.31 per cent, from the previous close at 27,714.37 points.

The Sensex touched a high of 28,110.37 points and a low of 27,795.74 points during intra-day trade.

The BSE market breadth was skewed in favour of the bulls -- with 1,817 advances and 917 declines.

On Thursday, both the indices ended on a flat note due to a fresh bout of buying support and short covering during the last hour of the trading session.

The barometer index had risen by 16.86 points or 0.06 per cent, while the NSE Nifty inched up 6.25 points or 0.07 per cent.

--IANS

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