Sensex gains 1,225 points, Nifty ends at 23,810 as FMCG stocks lead fourth straight day of gains
Benchmarks closed at their highest in nearly two months on Tuesday, led by Nestle India, Tata Consumer and Asian Paints, as foreign investors kept buying.
Indian shares rose for a fourth straight session on Tuesday, November 3, as consumer goods, private bank and auto stocks gained, softer crude prices helped and foreign investors kept buying.
The BSE Sensex closed up 1,225.07 points, or 1.62%, at 76,917.85. The NSE Nifty 50 gained 370.05 points, or 1.58%, to end at 23,810.85. That took the benchmarks to their highest closing levels in nearly two months, with a gain of about 5% over the four sessions, according to market reports.
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Consumer stocks lead
The Nifty FMCG index was the best-performing sector, and realty, private bank and auto indices also rose. PSU bank and energy stocks lagged. Among Nifty 50 stocks, BSE Ltd, Nestle India, Tata Consumer Products, Asian Paints and Bharti Airtel were the top gainers. Power Grid, State Bank of India, ONGC and Adani Enterprises were among the biggest losers. SBI fell after reporting its September-quarter results during market hours.
Smaller companies rose less than the benchmarks, with the midcap and smallcap indices posting smaller gains. More shares rose than fell on the BSE. Outside the Nifty, FMCG company Marico jumped about 10% after its quarterly results beat expectations.
The rally built on Monday's sharp gains, which were driven mainly by Reliance Industries after its record quarterly profit. It was the second session in a row in which the Sensex added more than 1,200 points, after a gain of 1,233 points on Monday.
Crude, rupee and the risks ahead
Brent crude, which had dropped about 7% on Monday to roughly $105 a barrel on hopes of progress in US-Iran talks, edged up again on Tuesday after reports of US strikes on Iran's Qeshm Island.
For India, a large crude importer, oil prices remain the main outside factor for inflation, the rupee and company costs. Market reports said traders would watch the US midterm election results, crude prices, foreign fund flows and the rest of the earnings season.
This report describes market movements and is not investment advice.
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