Key benchmark indices hovered with modest gains in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 81.53 points or 0.22% at 36,577.90. The Nifty 50 index was up 27.65 points or 0.25% at 11,037.85. Shares of index heavyweight and cigarette major ITC surged. Most FMCG stocks gained. Cement stocks rose.
Trading for the week began on an upbeat note as stocks edged higher in early trade boosted by the Narendra Modi government winning the no-confidence motion in the Lok Sabha on Friday, 20 July 2018. Stocks trimmed gains in morning trade.
The S&P BSE Mid-Cap index was up 0.24%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.2%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1178 shares rose and 1006 shares fell. A total of 107 shares were unchanged.
Index heavyweight and cigarette major ITC jumped 4.02% to Rs 284.45.
Most FMCG stocks gained. Godrej Consumer Products (up 2.78%), Hindustan Unilever (up 1.62%), Britannia Industries (up 0.83%), Colgate-Palmolive (India) (up 0.38%), Dabur India (up 0.35%), Procter & Gamble Hygiene and Health Care (up 1.89%), Jyothy Laboratories (up 0.96%) and Bajaj Corp (up 0.74%) rose. GlaxoSmithkline Consumer Healthcare (down 0.32%), Marico (down 0.8%), Nestle India (down 0.03%) and Tata Global Beverages (down 0.9%) fell.
Cement stocks gained. Ambuja Cements (up 2.55%), ACC (up 0.92%), UltraTech Cement (up 0.39%) and Shree Cement (up 1.83%) edged higher.
More From This Section
Grasim Industries was up 0.44%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
On the political front, the Narendra Modi government won the no-confidence motion in the Lok Sabha on Friday, 20 July 2018 following a 12-hour debate in the Lower House. In a 451-member House that voted, 126 members voted in favour of the motion, 325 votes went against it. The no-confidence motion was brought by the Telugu Desam Party (TDP) and supported by several Opposition parties including the Congress.
Meanwhile, the GST Council in its 28th meeting held on Saturday, 21 July 2018 announced reduction in tax rates on 88 goods and services. The revised tax rates will come into effect from 27 July 2018.
Overseas, Asian stocks were mixed after the Bank of Japan offered to buy bonds at the first fixed-rate operation since February, in a sign the central bank was trying to rein yields. US stocks closed mostly lower on Friday, 20 July 2018 after President Donald Trump's latest verbal salvos fanned investor concern that a global trade war is escalating.
Powered by Capital Market - Live News