Indian Indices Gain Momentum with Strong Showings in Metal and FMCG Sectors

8 Sep 2023 , 01:35 PM

On September 8, Indian benchmark indices initially opened with slight gains. However, a resurgence in the metal and FMCG sectors over the past half-hour bolstered the overall upward momentum.

The Sensex exhibited a rise of 315.54 points or 0.48%, reaching 66,581.10, while the Nifty recorded an increase of 91.30 points or 0.46%, reaching 19,818.30. Among the listed stocks, 1808 experienced gains, 1277 saw declines, and 77 remained unchanged.

Notable gainers on the BSE Sensex included NTPC, L&T, Bajaj Finserv, Tata Motors, and Bharti Airtel. Conversely, JSW Steel, Wipro, Tech Mahindra, ITC, and ICICI Bank were among the losing stocks. Notably, the healthcare and FMCG sectors saw increased selling activity, while the capital goods, realty, and power indices exhibited robust gains of 1.5% each.

In contrast, small and mid-cap stocks continued their impressive performance, with gains of 32% and 29%, respectively, year-to-date, outpacing the 9% increase in blue-chip indexes.

Energy companies and public sector enterprises were the primary beneficiaries, with gains of 0.6% and 1.3%, respectively.

In individual stock news, luxury auto dealer Landmark Cars reached an all-time high following its inclusion of Mahindra and Mahindra vehicles in its lineup.

However, profit booking activities had a dampening effect on pharmaceutical stocks, which in turn weighed down the Nifty Pharma index, making it the worst-performing sector in today’s trading session.