Short covering lifts stock markets

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SME Times News Bureau | 30 May, 2016
Short covering, along with expectations of healthy quarterly results, nudged the Indian equity markets higher on Monday.

The key indices oscillated in a narrow range after three days of sharp up-move. They provisionally closed with marginal gains with buying witnessed in automobile, metals, and information technology (IT) stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 21.85 points or 0.27 percent, at 8,168.40 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,694.75 points, closed at 26,725.60 points -- up 72 points or 0.27 percent from the previous close at 26,653.60 points.

The Sensex touched a high of 26,794.96 points and a low of 26,623.33 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bears -- with 1,376 declines and 1,234 advances.

The key Indian indices had ended on a higher note during the previous trade session on May 27. They also touched their new six-month intra-day high levels on last Friday.

The barometer index had gained 286.92 points or 1.09 percent, while the NSE Nifty had edged up by 87 points or 1.08 percent.