Nifty above 18,300 level, FMCG shares advance

The key equity indices traded near the day's high with modest gains in morning trade. The Nifty traded above the 18,300 level after hitting the day's low of 18,244.55 in early trade. FMCG shares witnessed bargain hunting after declining in the past four trading sessions .

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 270.85 points or 0.44% to 61,608.66. The Nifty 50 index added 78 points or 0.43% to 18,347.

In the broader market, the S&P BSE Mid-Cap index slipped 0.18% while the S&P BSE Small-Cap index rose 0.11%.

The market breadth was positive. On the BSE, 1,929 shares rose and 1,357 shares fell. A total of 180 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,975.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,542.50 crore in the Indian equity market on 16 December, provisional data showed.

Buzzing Index:

The Nifty FMCG index gained 0.92% to 45,738.35. The index witnessed bargain hunting after declining 1.94% in the past four trading sessions.

ITC (up 1.49%), Marico (up 1.47%), Nestle India (up 1.29%), Godrej Consumer Products (up 0.84%), Colgate-Palmolive (India) (up 0.83%), Hindustan Unilever (up 0.72%), Britannia Industries (up 0.6%), United Breweries (up 0.47%), Tata Consumer Products (up 0.35%) and United Spirits (up 0.01%) edged higher.

Stocks in Spotlight:

Glenmark Pharmaceuticals rose 0.29%. The pharmaceutical company said that it has received final approval by the United States Food & Drug Administration (US FDA) for Nicardipine Hydrochloride Capsules, 20 mg and 30 mg. The approved abbreviated new drug application (ANDA) is a generic version of Cardene Capsules, 20 mg and 30 mg, of Chiesi USA, Inc. Nicardipine (Cardene) is a medication used to treat high blood pressure and angina. It is also used for Raynaud's phenomenon.

KEC International added 0.30%. The company said it has secured new orders of Rs 1,313 crore across its various businesses. The company's transmission & distribution (T&D) business has secured orders for T&D projects in India, East Asia Pacific and SAARC. These include 220 kV GIS Substation for a refinery project in India; 500 kV Transmission line in Thailand; and 132 kV Transmission line and associated substations in Nepal. The solar business has secured a large order for a 500 MW Solar PV project in India.

The Phoenix Mills gained 2% after the company announced that it has completed acquisition of a land parcel in Surat, Gujarat, of approximately 7.22 acres for a total consideration of approximately Rs 510 crore. The company said that the land is at a strategic location on Udhana Magdalla Road, Surat, Gujarat

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