Markets rise on rebound in IT & FMCG stocks, Sensex up 314 pts
Mumbai: Benchmark Sensex rose by 314 points and Nifty closed above 24,850 on Tuesday following a rebound in IT and FMCG shares and hopes of a rate cut by the US Federal Reserve later this month.
Rising for the second day in a row, the 30-share BSE Sensex climbed 314.02 points or 0.39 per cent to settle at 81,101.32. During the day, it surged 394.07 points or 0.48 per cent to 81,181.37.
Rising for the fifth consecutive day, the 50-share NSE Nifty rose by 95.45 points or 0.39 per cent to 24,868.60.
Among Sensex firms, Infosys jumped 5.03 per cent after India’s second-largest IT services company said its board will consider a proposal for buyback of equity shares on September 11.
Tech Mahindra, Adani Ports, HCL Tech, Tata Consultancy Services, Sun Pharma, HUL, ITC and Bajaj Finserv were also among the gainers.
However, Trent, Eternal, UltraTech Cement and NTPC were among the laggards.
The BSE smallcap gauge edged higher by 0.22 per cent and midcap index went up by 0.20 per cent.
Among sectoral indices, BSE Focused IT jumped 2.89 per cent, IT surged 2.76 per cent, while tech (2.18 per cent), healthcare (0.67 per cent) and FMCG (0.54 per cent) also gained.
Oil & Gas, realty, energy, consumer discretionary, auto and power were the laggards.
“Conversely, auto stocks came under pressure due to profit booking after recent gains on GST rationalisation. The market sentiment is likely to remain range-bound amid lingering uncertainties over global trade negotiations,” Vinod Nair, Head of Research, Geojit Investments, Ltd said.
In Asian markets, South Korea’s Kospi and Hong Kong’s Hang Seng settled in positive territory while Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended lower.
European markets were trading on a mixed note. US markets ended higher on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,170.35 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,014.30 crore, according to exchange data.
Global oil benchmark Brent crude climbed 0.80 per cent to $66.55 a barrel.
