The Indian stock market are trading on a positive note after the equity market plunged on Budget day on February 1. Also, the outbreak of the coronavirus in China are keeping investors nervous.
Sensex is up 91.98 points or 0.23 percent at 39827.51, and the Nifty added 35.50 points at 11697.40.
The FMCG index along with the auto space added over a percent each. Share price of Hindustan Unilever and Nestle India jumped over 5 percent each while Britannia Industries, Colgate Palmolive, Dabur India and Jubilant Food are the other gainers.
HUL share price hit 52-week high after the company reported better-than-expected earnings during December quarter. Also, Nestle India shares hit new highs, this comes after the government abolished the Dividend Distribution Tax (DDT) from company level and said it will now be taxed in hands of recipients.
However, share price of ITC shed over 3 percent after the government proposed to raise excise duty on tobacco and cigarettes. While presenting Union Budget 2020, Finance Minister Nirmala Sitharaman said the government proposed to raise excise duty on tobacco and cigarettes.
Brokerage firm Anand Rathi has a buy on Hindustan Unilever with target of Rs 2,422 per share. It has a positive view and feels that the company will outgrow the industry adding that its strategy to target volume growth should drive healthy growth in medium to long term.
Auto stocks are trading in the green with Bajaj Auto, Mahindra & Mahindra and Maruti up 2-4 percent while auto ancillary stocks Bharat Forge and Bosch are also trading in the positive territory.
India VIX fell 5.76 percent and is trading at 15.87 level.
The top gainers from the Nifty were Nestle India, Hindustan Unilever, Asian Paints, Britannia Industries and Bajaj Auto while the top losers included Bharti Infratel, ITC, YES Bank, Tata Consultancy Services and Hero MotoCorp.
The most active stocks were Reliance Industries, State Bank of India, ITC, ICICI Bank and Tata Motors.
CG Consumer, Nestle India, Hindustan Unilever, GSK Consumer, Jubilant Food, Unitech, Apollo Hospitals and Divis Laboratories have hit new 52-week high on the NSE.
139 stocks hit 52-week low on NSE led by ITC, Allahabad Bank, Union Bank India, Oil India Ltd, BHEL, ONGC and Hindustan Zinc.
About 846 shares have advanced, 1272 shares declined, and 130 shares are unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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