Equity indices rise on back of crude oil price drop

The key Indian equity indices traded on a positive note on Friday afternoon supported by a decline in crude oil prices and an appreciating rupee.

Healthy buying in banking, auto and consumer goods stocks also supported the domestic equity market, analysts said.

At 1.10 p.m., the Sensex traded at 35,448.20 points, higher by 136.07 points or 0.39 per cent from the previous close of 35,312.13.

However, the Sensex trimmed its gains after rising over 200 points. It had opened at 35,494.86 and so far it has touched an intra-day high of 35,553.46 and a low of 35,405.02 points.

The Nifty50 on the National Stock Exchange was up 23 points or 0.22 per cent at 10,624.15, against the previous close of 10,601.15 points.

According to analysts, drop in crude oil prices was a major reason for the let-up in stock markets. On Friday, the Brent crude oil was priced at $59.40 per barrel, around 1.10 per cent lower from the previous close.

Oil prices fell as the Organization of Petroleum Exporting Countries (OPEC) delayed the output-cut decision awaiting support from Russia, a non-OPEC major oil producing country.

On the Sensex, the top gainers so far were Kotak Mahindra Bank, Asian Paints, Adani Ports, Infosys and Maruti Suzuki India, whereas the major losers were Yes Bank, Tata Steel, Wipro, Power Grid and IndusInd Bank

(With inputs from agencies.)