Nifty extends rally; FMCG, metals, banks lead
Indian equity benchmarks were consistently trading higher ahead of F&O expiry tomorrow, supported by foreign money. Foreign institutional investors had bought more than Rs 4,000 crore worth of shares in last four days. Even the volume has been increasing.
June 29, 2011 / 14:40 IST
Indian equity benchmarks were consistently trading higher ahead of F&O expiry tomorrow, supported by foreign money. Foreign institutional investors had bought more than Rs 4,000 crore worth of shares in last four days. Even the volume has been increasing.
The 50-share NSE Nifty was facing resistance at 5600-mark, which gained 61 points to 5,606. The 30-share BSE Sensex was trading at 18,710, up 218 points though there was profit booking at higher levels.Positive global cues were quite supportive ahead of Greece parliament's vote on austerity package. European markets like France's CAC, Germany's DAX and Britain's FTSE went up more than 1%. Among Asian markets, Nikkei, Straits Times, Kospi and Taiwan gained 1-1.5%. However, only Shanghai fell 1%.FMCG stocks were leading the markets today, with respective index rallying 2.5%. ITC and HUL surged nearly 3%.Metal stocks continued to rise due to upside in base metals. Sterlite Industries and Tata Steel were up 2-3%. Hindalco and Sesa Goa moved up 0.5-1.5%.Heavyweights like TCS, Reliance Industries, HDFC Bank, SBI, NTPC, BHEL and HDFC climbed 1-2%. Infosys and ICICI Bank were up half a percent.However, PSU oil & gas stocks were taking beating due to rise in crude oil prices. Brent crude was inching closer to USD 110 a barrel. ONGC and BPCL lost 2%. Cairn India, Reliance Power, Bajaj Auto, Axis Bank and Jaiprakash Associates were down 1-1.5%.In the midcap space, KS Oils surged 16%. Shree Renuka, EID Parry, CESC and Fresenius Kabi gained 5-7.5% while Bajaj Holdings, GTL, KGN Industries, Kirloskar Oil and S Kumars Nationwide lost 3-6%.In the smallcap space, Hanung Toys, Varun Industries, BS TransComm, OM Metals Infra and Rane Holdings rallied 8-14% while Nitesh Estates, Mudra Lifestyle, Rollatainers, SV Electricals and Atul slipped 5-6%._PAGEBREAK_ Sensex surges; RIL, Infosys, ICICI Bank gainThe NSE Nifty continued to hover around its psychological 5600 mark. All sectoral indices were trading in green. The BSE FMCG index has outperformed other sectoral indices, rising over 2%. Metals, power, IT and banking stocks too have surged.The BSE broader indices - midcap and smallcap were up by nearly 1% each.Ambareesh Baliga, COO, Way2Wealth says the pullback is due to short covering.
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