Indian Markets Record Gains, FMCG and Energy Stocks Lead Surge

Indian Markets Record Gains, FMCG and Energy Stocks Lead Surge

Asif Iqbal | December 19, 2023 | 09:31 PM IST | Breaking News | Follow on Google News

Indian Markets Record Gains, FMCG and Energy Stocks Lead Surge.image/mint

Indian Markets Record Gains, FMCG and Energy Stocks Lead Surge

Indian markets experienced an upward trend on Tuesday, led by gains in FMCG and energy sectors, buoyed by positive global cues. The BSE Sensex, a 30-share index, rose by 122.10 points or 0.17%, culminating at 71,437.19. Notably, the index surged during intraday trading, reaching a record high of 71,623.71, marking an increase of 308.62 points or 0.43%.

Simultaneously, the NSE Nifty achieved a record peak of 21,505.05, climbing by 86.4 points or 0.40%. It concluded the day at 21,453.10, up by 34.45 points or 0.16%.

Regarding investor activities, foreign institutional investors (FIIs) displayed a net outflow of ₹601.52 crore, selling Indian company stocks worth ₹12,350.34 crore while purchasing equities amounting to ₹11,748.82 crore, as per NSE data. On the other hand, domestic institutional investors (DIIs) exhibited an inflow of ₹294.35 crore, acquiring equities valued at ₹8,728.85 crore and selling shares worth ₹8,434.50 crore.

Vinod Nair, the head of research at Geojit Financial Services, highlighted the sustained optimism in the broader market despite a contracting incremental rally. Investors, cautious ahead of Eurozone inflation data, also considered the dovish stance by the BOJ. Additionally, the stabilization of oil prices following the US government’s plans to secure shipping routes through the Red Sea contributed to market sentiments.

Amidst recent growth stock surges, investors displayed a renewed interest in consumption stocks as part of a bargain strategy, stated Nair.

In the broader market scenario, the BSE midcap index experienced a marginal decline of 0.31%, while the smallcap index saw a modest uptick of 0.10%.

Sector-wise, energy stocks surged by 1.49%, followed by FMCG at 1.24%, utilities at 0.75%, and gains in oil & gas (0.46%) and power (0.39%). However, commodities, consumer discretionary, IT, auto, teck, and capital goods sectors lagged behind.

The Indian rupee faced pressure against the US dollar, closing at 83.18 compared to the previous session’s 83.06, largely impacted by losses witnessed in Asian currencies.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.