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Markets Update: Sensex, Nifty marginally up by 0.25% - FMCG stocks surge the most
The Sensex surge around 200 points while the Nifty50 was above the 17500-mark intraday. The surge in the market was mainly led by the FMCG and metal stocks.
After two consecutive massive buying sessions, the Indian markets are trading positive with minor gains on Thursday. The Sensex surge around 200 points while the Nifty50 above the 17500-mark intraday. The surge in the market was mainly led by the FMCG and metal stocks.
At around 01:30 pm, the BSE Sensex was up over 166 points or 0.28 per cent to 58816, while the Nifty50 gained around 47 points or 0.27 per cent to 17516 intraday. Even the broader markets are trading positive as mid-cap up over 0.5 per cent and small-cap jumped over 1 per cent intraday.
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As many as 28 stocks were in the green, and 22 were in the red on the Nifty50 intraday. FMCG major ITC gained most of all, up by over 2.5 per cent, followed by L&T up over 2 per cent and RIL and Asian Paints each up almost 2 per cent intraday today.
On the contrary, Titan declined most by over 1.5 per cent, followed by HDFC Bank, Nestle India, TCS each slipped by over 1 per cent intraday. While NTPC, Divis Lab, SBI Life, HCL Tech each down by around 1 per cent intraday.
Except for banks, financials, IT and pharma, all other sectors are in the green, Nifty FMCG and Metal surged most by over half a per cent, while bank and financials are marginally weak and also dragging the market intraday today.
Abhishek Chinchalkar, CMT Charterholder & Head of Education, FYERS, “Following two strong sessions, the rally in Nifty has yet again taken a pause near 17500, which represents 50 per cent retracement of the fall from 18210 to 16782 as well as the lower Ichimoku Cloud.”
“Today being the weekly expiry and given how volatile the markets have been over the last few sessions, it is prudent to remain light on positions and wait for clarity,” Chinchalkar added.
“For the short-term, 17500 remains the key hurdle to watch out for. Until the index closes above it, one must avoid fresh long positions. 17250 is now an important support on the downside”, he said.
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