Markets extend gains on buying in FMCG, consumer stocks; Sensex rises 100 pts

Mumbai: Sensex and Nifty, key stock market indicators, ended the day with an increase, driven by rises in FMCG, consumer durables, and healthcare shares, as local institutional investors provided substantial buying backing. Traders mentioned that recent outflows of foreign capital and a careful attitude in global stocks before the US Fed meeting minutes release limited the growth in local markets.

The 30-stock BSE Sensex increased by 0.13 pc for the second consecutive day in a sideways trading session, ending at 80,905.30 with a gain of 102.44 points. Throughout the day, it increased by 149.97 points, reaching an intra-day peak of 80,952.83, representing a 0.18 per cent rise. For the fifth consecutive day, the NSE Nifty rose by 71.35 points, equivalent to 0.29 percent, closing at 24,770.20.

The Indian market traded within a narrow range with a positive outlook due to robust DII flows. The defensive sector did better because the portfolio continued to focus on FMCG, consumer, commodities, and pharma. "Worldwide markets showed a slightly wary attitude as they awaited the FOMC minutes set to be released later today. Vinod Nair, Head of Research at Geojit Financial Services, mentioned that the likelihood of a rate decrease is still high due to the decline in US inflation and the slowdown in overall growth.

Titan, Asian Paints, ITC, Hindustan Unilever, Nestle India, Bajaj Finserv, and Bharti Airtel were some of the Sensex companies that experienced gains. On the other hand, UltraTech Cement, Tech Mahindra, Tata Steel, Power Grid, HDFC Bank, HCL Technology, State Bank of India and ICICI Bank performed poorly.

On Wednesday, the European markets were experiencing an increase in trading activity. Tokyo, Shanghai, and Hong Kong closed in the red zone in Asian markets, Seoul finished with gains on Wednesday. The US stock markets closed with losses during trading on Tuesday night. Foreign Institutional Investors (FIIs) once again became sellers on Tuesday by selling off equities.