Sensex gains 232 points, Nifty settles above 12,100-mark; FMCG stocks rally

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Updated: January 29, 2020 4:25:45 PM

S&P BSE Sensex ended 231.80 points or 0.57 per cent higher at 41,198.66, while broader Nifty 50 index finished at 12,129.50, up 74 points or 0.61 per cent.

Sensex, NiftyThe sector-specific move is likely to continue ahead of the budget today where railway stocks did well today. Image: PTI

Domestic equity benchmarks Sensex and Nifty ended over half a per cent higher on Wednesday bouncing back from two-day losing streak ahead of Union Budget. “After showing a weakness in the last couple of sessions, the Nifty witnessed a decent upside bounce today and closed the day higher. The short term trend of Nifty is positive, the next upside levels to be watched at 11250,” Nagaraj Shetti – Technical & Derivative Analyst, HDFC Securities said. S&P BSE Sensex ended 231.80 points or 0.57 per cent higher at 41,198.66, while broader Nifty 50 index finished at 12,129.50, up 74 points or 0.61 per cent. On the Sensex pack, Bajaj Finance, Nestle India, ITC, Infosys, HCL Tech and Power Grid were among the top gainers. Conversely, TCS, HDFC, UltraTech Cement, Titan and Sun Pharma were among the top laggards on the pack.

“The sector-specific move is likely to continue ahead of the budget. We may see some reaction on the market tomorrow of Fed meeting’s outcome where no change in interest rates is expected. FIIs could be again a net seller in cash market as there was some selling in HDFC Ltd, TCS, ICICI Bank, and Axis bank while we can expect some short-covering by FIIs in F&O market in today’s trading session. Technically, Nifty respected sacrosanct support of 12025 which is a good sign for the bulls,” Santosh Meena, Senior Analyst, TradingBells said.

Barring Nifty Pharma, all the sectoral indices have traded in the green. The Nifty FMCG index gained the most over 1 per cent, led by gains in Marico, ITC, Nestle India, and Tata Global. The Nifty Bank index, too, ended higher with IDFC First Bank, HDFC Bank, Punjab National Bank and Kotak Mahindra Bank as top gainers.

In the broader market, S&P BSE MidCap index jumped 0.49 per cent or 77 points to 15,754.41, while S&P BSE SmallCap index settled at 14,841, just up 18 points or 0.12 per cent.

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