After taking a breather in the previous week, Indian markets managed to stage a minor recovery in the week to January 11. Positive global cues on optimism that the US and China would strike a deal to end their trade war boosted investor sentiment. In addition, robust US jobs data and dovish comments on interest rates by US Fed chief Jerome Powell also lifted sentiments.
Meanwhile, the results season has kickstarted with IndusInd Bank, Infosys, and TCS coming out with a mixed bag of results. Going forward, Hindustan Unilever, Reliance Industries, HDFC Bank, Wipro, Federal Bank, Zee, and Mindtree are among the big names scheduled to come out with their quarterly earnings next week.
Sector-wise, the FMCG index rose 2%, Pharma was up 1.3%, IT gained 1.1%, Bank Nifty gained 1%, while Auto rose 0.6% in the week to January 11.
On the other hand, the Metal index was down 1%, Energy slipped 0.8%, while Infra edged 0.3% lower.
The Nifty FMCG index has been on a solid upmove and is now on the verge of breaking above its all-time high of 11,845. The index has managed to maintain its higher top-higher bottom structure on the daily chart, which indicates that FMCG stocks could see further upside in the near-term.