Positive global cues, surging oil prices lift equity markets

Positive global cues, along with fresh influx of foreign funds and a rise in global crude oil prices, lifted the Indian equity markets on Thursday.

Besides, healthy quarterly results and a strong rupee pushed both the key benchmark indices to their new highs. The barometer 30-scrip sensitive index (Sensex) of the BSE hit its highest level in almost 21 weeks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) touched its highest level in almost 29 weeks surpassing the psychologically important 8,000 points mark. Both the indices continued to surge during the late-afternoon trade session as healthy buying was seen in capital goods, banks and automobile stocks. The 51-scrip NSE Nifty edged up by 97.95 points or 1.23 percent, at 8,032.85 points. The S&P BSE Sensex which opened at 26,008.25 points, traded at 26,318.70 points (at 3.00 p.m.) -- up 437.53 points or 1.69 percent from the previous close at 25,881.17 points. The Sensex has so far touched a high of 26,321.29 points and a low of 25,941.51 points during the intra-day trade. The BSE market breadth was tilted in favour of the bulls -- with 1,333 advances and 1,155 declines. The key indices had closed the previous day's trade with healthy gains. The barometer index had surged by 575.70 points or 2.28 percent, while the NSE Nifty had risen by 186.05 points or 2.40 percent.