Fag-end buying in IT, FMCG stocks lift Sensex by 210 pts; Nifty settles above 16,600 for first time

NEW DELHI: After a roller coaster ride, benchmark indices managed to close at a fresh record high for another day on Tuesday. Buying was seen in IT and FMCG counters, while broader market stocks continued to reel under pressure.

Some of the metal names saw heavy selling along with banking and realty names. On the other hand, sugar stocks were also in demand as reports said mills are lobbying for price hikes.

The 30-share pack Sensex climbed 209.69 points or 0.38 per cent to close at 55,792.27. Its broader peer NSE Nifty rose 51.55 points or 0.31 per cent to 16,614.60, taking its winning run to the 7th consecutive day. Both indices scaled fresh highs.

“The rally in IT stocks kept bulls firmly in control despite a truncated week with several high-quality Midcap names rallying in the expansionary phase over the last several months. Metal names saw profit-taking. While worries over the deterioration in asset quality in private sector banks persist, the recent lull in the progress of the monsoon needs to be watched closely,” said S Ranganathan, Head of Research at LKP securities.

Market at a glance:

  • KIMS jumps 13 per cent on superb Q1 performance; analyst say ‘buy’
  • Vedanta tanks 11 per cent after Tuticorin issue comes back to haunt it
  • Hindustan Zinc declines 4 per cent after Board defers dividend payment
  • Suven Life Sciences rallies 11 per cent after clinical trial of Alzheimer treatment
  • Fiem Industries become sole supplier to Ola scooters, hit upper circuit

Among the bluechip names, Tata Consumer was the top gainer, rising 3.83 per cent. Wipro, Tech Mahindra, HUL, Nestle India, Titan, TCS, Infosys, Bajaj Finserv and Cipla were other gainers.

JSW Steel was the top loser in the Nifty pack, falling 2.42 per cent. Adani Ports, Tata Motors, Coal India, UPL, IndusInd Bank, NTPC, Indian Oil and Bharti Airtel were others that ended in the red.

“Bounce in domestic economy data has made large caps more attractive. Defensive sectors like IT, FMCG and pharma are performing well, which is expected to continue in short to medium-term.”

— Vinod Nair, Geojit Financial Services

Broader market indices ended mixed, underperforming their headline peers. Nifty Smallcap fell 0.25 per cent and Nifty Midcap rose 0.33 per cent. Nifty 500, the broadest index on NSE, ended up 0.30 per cent.

Sonata Software, Edelweiss Financial Services, JK Lakshmi Cement, Tata Elxsi, Adani Total Gas and Emami were top gainers from mid and smallcap indices, climbing in the range of 4-7 per cent.

Vodafone Idea, Hindustan Zinc, Jindal Steel, Kaveri Seed Company, Indian Bank and Future Retail were major losers from broader market space, falling in the range of 3-6 per cent.

The sectoral matrix on the NSE was mixed. Nifty IT topped the charts, rising 2.57 per cent. It was followed by Nifty FMCG and Nifty Pharma. Nifty Metal was the top loser, down 2.30 per cent. Nifty PSU Bank and Nifty Nifty Private Bank were other losers.

Market breadth was in favour of losers as 1,137 stocks ended in the green, while 2,035 names settled with cuts. As many as 215 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 35 names hit 52-week lows, mostly from the microcap space. About 255 stocks hit upper circuit limits and 380 lower circuit limits.

European markets were trading mixed. London-based FTSE was up 0.1 per cent while Paris and Frankfurt declined 0.52 per cent and 0.26 per cent, respectively. In Asia, barring Thailand, all markets ended in the red.

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