Equities surge on positive global cues, value buying (Third Lead)

Mumbai Oct 4 (IANS) Key Indian equity indices provisionally closed on a higher note on Wednesday as positive global cues coupled with healthy buying in healthcare oil and gas and FMCG stocks buoyed investors sentiments.

According to market observers the equity markets -- which had already discounted any further reduction in key lending rates -- made substantial gains as the RBI reduced the SLR (statutory lending rates) which created healthy demand for banking stocks.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 55.40 points or 0.56 per cent to provisionally close at 9 914.90 points (at 3.30 p.m.).

The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 522.17 points closed at 31 671.71 points -- up 174.33 points or 0.55 per cent.

The Sensex touched a high of 31 752.16 points and a low of 31 457.78 during intra-day trade.

The BSE market breadth was bullish -- 1 478 advances and 1 162 declines.

On Tuesday the benchmark indices surged to close on a higher note as positive global cues coupled with healthy buying in automobile consumer durables and oil and gas stocks lifted investors sentiments.

The Nifty50 rose by 70.90 points or 0.72 per cent to close at 9 859.50 points while the Sensex closed at 31 497.38 points -- up 213.66 points or 0.68 per cent.

--IANS
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