Nifty above 10,450 mark; Metal, FMCG stocks surge

The BSE was trading 768 points up at 34,769 levels, while the NSE jumped 242 points to trade at 10,477 levels.

Oct 12, 2018 08:10 IST India Infoline News Service

Bull Market
After witnessing a bloodbath in the previous session, Sensex and Nifty were trading in the green during the noon session on Friday. The BSE was trading 768 points up at 34,769 levels, while the NSE jumped 242 point to trade at 10,477 levels.

The rally was attributed to sharp gains in Reliance Industries, ITC, HDFC twins, ICICI Bank, and Maruti on the BSE. Conversely, Dr Reddy’s, Tech Mahindra, Goderj Consumer Projects, HCL Tech, and TCS were still trading in the red.

Moreover, the Nifty Auto index was leading the sectoral indices by gaining 4%. The Nifty Metal, Realty, and FMCG too joined the gainers group by witnessing a rally of 4%, 3.5% and 3%, respectively.

Nifty Bank, PSU Bank, Pvt Bank, Financial Services, and Pharma indices were also trading up. However, Nifty IT was the only index in the red driven down by TCS, HCL Tech, Mind Tree, and Tech Mahindra.

Shares of TCS slipped ~3% on the NSE despite reporting better than expected numbers for Q2FY19 on all fronts. The company’s PAT increased 7.6% qoq to Rs7,901cr against median consensus estimates of Rs7,854cr.

India VIX, a volatility index based on the NIFTY Index Option prices, was trading 9% down.

Further, the market breadth was positive on the NSE with 1,509 shares advancing, 228 shares declining, and 320 points remaining unchanged.

Meanwhile, the Indian rupee strengthened for the third consecutive session and opened higher on account of some selling of USD by banks and exporters. The home currency is currently trading at 73.73/$.

Related Story