Mumbai :  Value buying and short covering kept the Indian equity markets buoyed during the mid-afternoon trade session on Tuesday.

Healthy buying was witnessed in oil and gas, IT and metal stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 23.50 points, or 0.27 per cent to 8,761.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,377.64 points, traded at 28,322.91 points (at 2.00 p.m.) — up 79.62 points, or 0.28 per cent from the previous close at 28,243.29 points.

The Sensex has so far touched a high of 28,402.65 points and a low of 28,251.37 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,528 advances and 1,178declines.

On Monday, both the key Indian indices had soared on the back of positive global cues, coupled with value buying and higher crude oil prices.

The barometer index had gained 377.33 points, or 1.35 per cent, while the NSE Nifty surged by 126.95 points, or 1.47 per cent.

Initially on Tuesday, the benchmark indices opened on a higher note in sync with their Asian peers.

However, caution ahead of the Reserve Bank of India’s monetary policy announcement capped gains.

“Short covering and value buying supported the equity markets upward movement. Broadly positive Asian and European markets too supported the day’s rise,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

“Investors’ risk taking appetite has been enhanced despite a slight downfall in global crude oil prices and the negative close of the US markets on Monday.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded with sideways sentiments due to profit booking.

“Bank Nifty also traded sideways due to profit booking ahead of RBI monatory policy decision. IT stocks traded firm on buying support,” Desai said.

Desai added that volatility in USD/INR futures prices and RBI monetary policy decision are likely to make Indian equity markets volatile in the second half of the session.