Sensex Hovers Above 36,650; Metal, Auto, FMCG Stocks Witness Buying

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Sensex Hovers Above 36,650; Metal, Auto, FMCG Stocks Witness Buying

Gains in metal, automobile and FMCG stocks are supporting the markets.

Domestic stock markets continued to trade firm mid-way through the morning session, backed by mild buying interest across sectors. The S&P BSE Sensex index rose to an intra-day high of 36,728.59 at the strongest level recorded in early trade, after opening up 0.21 per cent at 36,547.75. The broader NSE Nifty 50 benchmark climbed as much as 10,821.55, having started the day at 10,752.00 compared to its previous close of 10,739.95. All the Nifty sectoral indices are trading in the green, with the exception of the IT index. Gains in metal, automobile and FMCG stocks are supporting the markets.

At 11:05 am, the Sensex traded 198.86 points – or 0.50 per cent – higher at 36,670.36, while the Nifty was at 10,809.50, up 69.10 points – or 0.64 per cent – from its previous close.

Analysts awaited more largecap companies to report their financial results for the April-June period.

Metal stocks are shining in today’s session. Tata Steel, NMDC and Hindustan Copper have strengthened between 3.4 per cent and 7.7 per cent each, on the NSE. Auto stocks are also witnessing buying interest, with Tata Motors, Ashok Leyland, Bajaj Auto and Maruti Suzuki gaining 1-1.9 per cent each, on the NSE. And in the FMCG space, Hindustan Unilever, Jubilant Foods and Britannia have added 1.6-2.4 per cent each, on the NSE.

IT stocks are witnessing profit-booking today. The IT index has shed almost 1 per cent after soaring by around 9 per cent in the past 2 sessions on the back of better-than-expected quarterly numbers announced by Infosys and Wipro. TCS has shed 1.5 per cent and Wipro is trading flat, with a negative bias. Infosys, however, has added another 0.6 per cent, building on its gains of 10 per cent in the previous session.

The NSE market breath is strong. Out of 2,154 stocks traded on the NSE, there are 1,127 advancing stocks as against 570 declines.

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