National Stock Exchange
National Stock ExchangeIANS (File photo)

Buying support pushes equities higher; oil stocks rise

Mumbai, September 21, 2021

India's key stock indices rose during the morning trade session on Tuesday.

Accordingly, both key indices -- S&P BSE Sensex and NSE Nifty50 -- rose a day after a sell-off which was triggered due to weak Asian cues.

As per market observers, the up moves comes on the back of healthy buying support for Realty, Oil & gas, IT and FMCG stocks.

Sector wise, Auto, Consumer Durables and Utilities indices traded lower.

At around 10.45 a.m., S&P BSE Sensex traded at 58,568.67 points, higher by 77.74 points or 0.13 per cent from its previous close.

Similarly, NSE Nifty50 traded higher. It rose to 17,424.30 points, higher by 27.40 points or 0.16 per cent from its previous close.

"Nifty traded higher on Sept 21 on the back of steady Asian markets post the sell-off seen on Monday," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"The Fed is due to deliver its latest economic and interest rate policy update on Wednesday."

According to Gaurav Garg, Head of Research, CapitalVia Global Research: "Investors have been pouring money into India's stock market, which could rise to more than $5 trillion and become the fifth largest in the world within years."

"More support can come as India has climbed two spots to 46 in the Global Innovation Index (GII) 2021. It further stated that Indian start-ups had raised $10 billion through initial public offerings (IPOs) so far this year."


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