Sensex, Nifty Rebound on Gains in FMCG, Auto Shares; Snap Four Days of Decline

Sensex Jumps 309.91 Points in Early Trade; Nifty Above 16,700

Mumbai, Jul 15: Benchmark BSE Sensex rebounded by 344 points while Nifty closed above the 16,000 level in choppy trade on Friday, snapping four days of decline on buying in FMCG, auto and capital goods counters.

The 30-share BSE barometer climbed 344.63 points or 0.65 per cent to settle at 53,760.78 as 18 of its scrips ended in the green. During the day, it jumped 395.22 points or 0.73 per cent to a high of 53,811.37.Honor Pad 8 Reportedly Spotted on Bluetooth SIG Certification Website.

The broader NSE Nifty closed above the 16,000 level by gaining 110.55 points or 0.69 per cent to 16,049.20 as 35 of its constituents closed with gains.

Benchmark stock indices remained volatile but managed to close with modest gains on value buying in FMCG, auto, capital goods and select banking counters in the last hour of the trade.Cryptocurrency Investing Platform CoinSwitch and Startup Karnataka Launch Blockchain Hackathon Building Future Cities; Register Here.

A positive opening of European markets and foreign investors turning net buyers in capital markets boosted the sentiment.

Among Sensex constituents, Hindustan Unilever, Titan, Maruti, Larsen & Toubro, HDFC, Mahindra & Mahindra, Nestle and Bharti Airtel were the major gainers.

Tata Steel, Power Grid, HCL Technologies, Wipro, Dr Reddy’s and Axis Bank were the laggards.

“Volatility has re-emerged and investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation.

Fall in crude prices and reduction in FII selling added optimism to the domestic market while gloomy IT results, depreciating rupee and fear of global recession are restricting sizeable up move,” said Vinod Nair, Head of Research at Geojit Financial Services.

In the broader market, the BSE midcap gauge jumped 0.84 per cent and smallcap index climbed 0.52 per cent.

Among BSE sectoral indices, auto jumped 2.34 per cent, followed by consumer durables (1.56 per cent), FMCG (1.48 per cent), capital goods (1.47 per cent), telecom (1.35 per cent) and consumer discretionary goods (1.32 per cent).

IT, utilities, metal and power were the laggards.

On weekly basis, Sensex dropped by 721 points or 1.32 per cent while Nifty declined by 171 points or 1.11 per cent.

In Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled significantly after China’s economy contracted by 2.6 per cent in the second quarter.

Markets in Europe were trading in the green during mid-session deals. The US markets had ended on a mixed note on Thursday.

International oil benchmark Brent crude rose by 0.60 per cent to USD 99.72 per barrel.

Foreign institutional investors turned net buyers in the capital market on Thursday, buying shares worth Rs 309.06 crore, as per exchange data.

(This is an unedited and auto-generated story from Syndicated News feed, Fresh Headline Staff may not have modified or edited the content body)