Domestic cues push equity markets higher

Mumbai: Indian equity markets were pushed higher on Wednesday ahead of the release of key macro-economic data, despite mixed global cues and lower crude oil prices.

Both the key Indian equity indices traded in the green during the mid-afternoon session, with healthy buying witnessed in automobile, banking and capital goods stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up 62.40 points, or 0.71 per cent to 8,806.75 points. 

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,372.25 points, traded at 28,475.50 points (at 1.30 p.m.) -- up 132.49 points, or 0.47 per cent from the previous close at 28,343.01 points. 

The Sensex has so far touched a high of 28,490.21 points and a low of 28,363.10 points during the intra-day trade. 

The BSE market breadth was tilted in favour of the bulls -- with 1,359 advances and 1,138 declines.

On Tuesday, both the key indices had closed with substantial gains on the back of positive global cues, strong buying support and an appreciating rupee.

The barometer index had gained 440.35 points, or 1.58 per cent, while the NSE Nifty edged up by 139.90 points, or 1.59 per cent.

Initially on Wednesday, the key indices opened on a higher note, in spite of mixed-to-negative global cues.

However, investors remained hopeful on domestic cues such as the announcement later on Wednesday of the gross domestic product (GDP) data for the first quarter of 2016-17.