Market Update: Sensex, Nifty continue the winning streak in range-bound session; IT, FMCG, Pharma lead the gain

Trading in range-bound for the third straight session on Wednesday, the market continues to be in the green, with Sensex trading between 100-150 points higher and Nifty hovering around 18300-level. IT, FMCG and Pharma stocks lifting the market, while private banks and metal drag.

At around 1:30 pm, the Sensex gained 96 points or 0.15 per cent to 61442.21, while Nifty50 up 31.35 points or 0.17 per cent to 18299.75 intraday today. In Broader markets, Mid and small-cap to follow the benchmarks footsteps and are surging around 0.5 per cent intraday today.

Nifty Bank still holding the 41000-mark position, is witnessing profit bank as index down marginally by around 80 points or 0.19 per cent to 41,158.6. The weakness is mainly due to private banks such as Axis Bank and IndusInd Bank.

As many as 29 stocks are advancing, 20 are on a declining trend and one is unchanged while writing this report. Asian Paints surged most of all by 4.5 per cent amid price hike buzz, followed by Divis Lab, UPL, SBI, Cipla, Sun Pharma, and Shree Cement each up over 2 per cent intraday todau.

On the contrary, Axis Bank declined most intraday today, down 5.5 per cent, followed by Bajaj Finance down over 4 per cent, both companies had reported their respective Q2 earnings on Tuesday. While third in line, ONGC slumped by around 2.5 per cent intraday today.

Other stocks dragging the market are IndusInd Bank, Bajaj Finserv, HUL, Hindalco, Kotak Bank and Tata Motors and NTPC.

Sectorally, Pharma index shows more strength up over 1 per cent, followed by IT and FMCG stocks each up around 1 per cent, while metal, auto, banks and financial sectors are marginally down in otherwise positive but range-bound market. Realty up 0.5 per cent, Media down over 1 per cent.