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Rediff.com  » Business » Sensex, Nifty advance on gains in IT, FMCG stocks

Sensex, Nifty advance on gains in IT, FMCG stocks

Source: PTI
November 15, 2021 17:16 IST
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PowerGrid was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, Asian Paints, Nestle India and Kotak Bank.

TCS rose by 0.83 per cent while Infosys inched up 0.31 per cent. HUL, Dr Reddy's and Sun Pharma were also among the gainers.

Stock market barometers Sensex and Nifty ended marginally higher on Monday as rise in wholesale inflation capped early gains despite a positive trend in global markets.

The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71 with half of its constituents ending in green.

The broad based Nifty edged up 6.70 points or 0.04 per cent to close at 18,109.45.

PowerGrid was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, Asian Paints, Nestle India and Kotak Bank.

TCS rose by 0.83 per cent while Infosys inched up 0.31 per cent. HUL, Dr Reddy's and Sun Pharma were also among the gainers.

 

On the other hand, Tata Steel fell the most by 3.24 per cent, followed by M&M which declined 1.19 per cent. Bajaj Auto, Reliance, SBI and Bharti Airtel declined.

Indian markets opened on a positive note on Monday despite mixed cues from Asian market peers where Chinese shares traded lower post better than expected consumer spend data, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session markets lost initial gains and traded marginally in green with buying in healthcare, IT, and tech stocks.

"Upside remain capped as WPI inflation in October surged to 12.54 per cent from 10.66 per cent a month ago and 1.31 per cent in October 2020," he noted.

The wholesale price-based inflation spiked mainly due to rise in prices of manufactured products and crude petroleum.

It has remained in double digit for the seventh consecutive month beginning April.

Sectorally, BSE healthcare, FMCG, consumer durables and IT indices rose up to 2.09 per cent, while metal, basic materials, telecom and energy indices fell up to 2.35 per cent.

Broader midcap rose 0.41 per cent, while smallcap fell 0.19 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said.

"Domestic market was trading with a negative bias, between gains and losses, tracking volatile global markets and in the wake of domestic inflation data.

"On the contrary, China's industrial output growth accelerated to 3.5% YoY despite fresh Covid restrictions and supply shortages, thereby easing concerns over a global economic slowdown."

Ajit Mishra, VP - Research, Religare Broking said that upbeat global cues triggered a firm start but profit taking across sectors trimmed the gains as the day progressed.

"Markets are broadly in a consolidation phase so the prevailing volatility is normal.

"In absence of any major domestic event, global cues will dictate the trend in the coming sessions," Mishra said.

Globally, shares in Europe and Asia advanced ahead of virtual talks between US President Joe Biden and Chinese President Xi Jinping.

Tokyo's Nikkei 225 rose by 0.6 per cent while South Korea's Kospi jumped 1 per cent.

Hong Kong's Hang Seng edged up 0.3 per cent but the Shanghai Composite index dropped 0.2 per cent.

In Australia, the S&P/ASX 200 added 0.3 per cent.

Photograph: Shailesh Andrade/Reuters

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