Sensex, Nifty gain momentum; Cement, pharma, FMCG stocks drive sentiment

Investors optimism in the domestic equities were led after the FM Nirmala Sitharaman announced measures of Rs73,000cr to stimulate consumer spending in the economy.

Oct 13, 2020 12:10 IST India Infoline News Service

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Indices have gained momentum after a lacklustre opening session on Tuesday. At around 12.01 pm, Nifty was performing at 11,956.35 up 0.21% and Sensex is trading at 40,685.08 above 0.22%.

On Nifty, cement stocks like Ultratech Cement at Rs4,500.85 per piece, up 4.52%, Shree Cement at Rs21,648.85 per piece, up 3.31% and Grasim at Rs761.25 per piece, higher by 2.22% are driving the performance. Other stocks like heavyweight Bharti Airtel (Rs425.10 per piece) and HCL Tech (Rs886.40 per piece) surged over 2% each.

On sectoral indices level, FMCG, realty, pharma and metal stocks also added to upside sentiment.

Investors optimism in the domestic equities were led after the Finance Minister Nirmala Sitharaman announced measures of Rs73,000cr to stimulate consumer spending in the economy to fight the slowdown due to COVID-19 pandemic following lockdown.

The FM also said that the central government is issuing a special interest-free 50-year loan to States of Rs12,000cr Capital Expenditure.

On announcing CAPEX measures, Sitharaman said that money spent on infrastructure and asset creation has a multiplier effect on the economy. It not only improves current GDP but also future GDP. The Government wants to give a new thrust to Capital Expenditure of both States and Centre.

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