Indian equities opened positively despite none too encouraging global signals and moved up further in subsequent trading session as investors went bargain hunting after five successive days of losses.

The 30-share index, BSE Sensex opened with a gain of 33.47 points, at 8,970.67 on Wednesday.

Metal stocks, among the severely battered in recent sessions, were among the top gainers, while Oil, real estate, banking, capital goods and power stocks also moved up sharply.

After a weak opening today, the 30-share index BSE Sensex continued to trade in the negative zone on the back of global worries, and lack of support at higher levels.

Heavy selling action was witnessed in banking, IT and power stocks.

BSE Midcap and Smallcap index shed 1.56% and 1.42% respectively.

As declining growth, massive job cuts, worries of a deep and prolonged recession in worldwide economies continue to disturb the outlook, the stock market, despite a few rallies here and there, has been fighting to make a headway for the last few months.

Indian equities on Friday (Nov 14) opened strongly on account of strong worldwide signals and a sharp drop in weekly inflationary numbers.

However, the BSE Sensex shed most of its earlier gains amid choppy trades due to heavy profit booking seen across blue chip stocks.

Doubts regarding the success of different bailout packages declared by governments across the globe and lack of participation by institutional investors contributed to the market’s fall despite a fairly bright start this morning.

The stock market continued to trade in negative terrain because of heavy selling action witnessed across some of the frontline stocks.

Auto, consumer goods, metal and IT stocks have registered sharp losses.

While some modest buying was seen in the smallcap space, a number of midcap stocks were struggling in the red zone because of sustained selling pressure.

The market breadth was weak. Out of 2381 stocks, 1329 stocks were down in the negative territory. 961 stocks recorded gains and 91 stocks traded flat.

Indian equities rallied at the opening time on the back of encouraging global signals and domestic inflationary figures calming down to single digit levels.

But, stocks tumbled into the red zone because of profit booking.

Realty, metal stocks gained ground, while consumer goods, IT and oil & gas stocks have shed a major portion of their early gains.. BSE Midcap and Smallcap index declined 0.38% and 0.19% respectively.

The 30-share index BSE Sensex, today, opened with a gain of 262.92 points, at 9,799.25.

Indian stock markets have declined a lot during the last 10 months and capitalists have lost faith in the equities. But the golden rule of investing still remains unbroken, that in the long run companies with well-built fundamentals and talented management will always provide handsome returns.

The existing negative reaction has taken the rate of many shares much below their fair value. These shares cannot stay at such low levels and are expected to bounce back to somewhere closer to their fair value.