Sensex Settles At 71,437; Nifty FMCG Surges 1.4%, Led By Nestle India & Varun Beverages
The BSE benchmark Sensex surged 122 points or 0.17 per cent to end at 71,437, while NSE Nifty rose 52 points or 0.24 per cent to settle at 21,529.
Nifty FMCG surged 1.4 per cent, led by gains in Nestle India and Varun Beverages. While Nifty Oil & Gas rose 0.8 per cent after the government cut a windfall tax on petroleum crude and diesel. Auto and information technology lost 0.7 per cent and 0.95 per cent, respectively.
Among individual stocks, SpiceJet shares closed 3 per cent higher after the budget carrier expressed its interest in acquiring Go First. The company plans to submit its offer after carrying out due diligence on the bankrupt carrier. Zee Entertainment Enterprises shares ended 3 per cent lower after Sony Pictures Networks India (SPNI) said it has not yet agreed to a deadline extension requested by ZEEL for their merger.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 37,234 crore to Rs 359.14 lakh crore. The market breadth was skewed in favour of the bulls. About 1,907 stocks gained, 1,855 declined and 142 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net sales of Rs 601.52 crore in the cash segment. A total of Rs 12,350.34 crore was sold against a total purchase of Rs 11,748.82 crore. Domestic institutional investors saw a net purchase of Rs 294.35 crore in the cash segment. A total of Rs 8,434.50 crore was sold against a total purchase of Rs 8,728.85 crore.
Meanwhile, Investors are cautious ahead of the Eurozone inflation data announcement, which is forecast to drop marginally. The dovish stance by BOJ maintained the market sentiments. Amid this, the price of oil stabilised as the US government announced plans to protect the shipping route through the Red Sea. After the recent rally of growth stocks, investors are exhibiting interest in consumption stocks as a bargaining strategy.
Technically, the important key resistances are placed in October Nifty future are at 21,529 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 21,606 – 21,707 levels. Immediate support is placed at 21,404 – 21,303 levels.
