New Delhi: Positive global markets and buying in consumer goods stocks helped Indian stocks gain for a fifth consecutive day. After a firm opening, Indian stock markets gained momentum in the second half of the day as strong opening in European markets strengthened sentiment. European markets rose for a third consecutive day on speculation that Greek lawmakers will pass an austerity plan needed to avoid debt default. The Greek government, which is facing a sovereign debt crisis, will seek parliament approval to implement budget cuts and austerity measures later in the day.
While positive global cues lifted investor sentiment in the domestic market, buying in FMCG, metals and banking stocks helped the benchmark indices extend gains.
Sensex: 18,693 +1.09%
Nifty: 5,600 +0.99%
FTSE 100: 5,829 +1.08%
Nikkei: 9,797 +1.54%
IDFC, Hindustan Unilever, ITC and Ranbaxy Laboratories led the gains in the Nifty shares. The rebound in international commodity markets led to buying in metal stocks such as Tata Steel and Sterlite Industries.
IDFC: Rs 131 +3.64%
Sterlite Industries: Rs 168 +3.63%
Hindustan Unilever: Rs 334 +3.38%
ITC: Rs 199 +3.15%
Ranbaxy Laboratories: Rs 549 +3.03%
All BSE sectoral indices closed the day with gains. FMCG, metals, banking and power stocks led the gains.
BSE FMCG: 3,972 +2.58%
BSE Metal: 14,987 +1.52%
BSE Bankex: 12,742 +0.96%
BSE Power: 2,605 +0.95%
Easing raw material prices and a shift towards defensive stocks helped FMCG firms extend gains on the bourses. Colgate Palmolive surged 7.75% to hit a new high of Rs 987.
Colgate Palmolive: Rs 987 +7.75%
Marico: Rs 155 +4.18%
Godrej Consumer Goods: Rs 422 +2.39%
United Breweries: Rs 532 +1.87%
Nestle India: Rs 3,982 +1.07%
Stocks of sugar companies surged on strengthening sugar prices in the domestic market. India’s sugar futures in the domestic market rose to their highest level in more than a month on speculation of lower supplies for July. According to Reuters, the most active July delivery contract on NCDEX rose 1.28% to Rs 2,764 per 100 kg. Read more...
Shree Renuka Sugars: Rs 66 +4.90%
Dhampur Sugar Mills: Rs 55 +4.80%
Bajaj Hindustan: Rs 69 +4.34%
Balrampur Chini Mills: Rs 62 +4.27%
Shares of Welspun Corp gained after the company said Apollo Global Management will invest Rs 1,305 crore through convertible debentures and depository receipts. The management said that Apollo Global Management would invest a total of $500 million (Rs 2,250) in group companies.