Sensex rises 170 points amid volatile trade; ICICI Bank, Infosys lead gains1 min read . Updated: 14 Nov 2019, 03:44 PM IST
- The broader markets underperformed today
- Selling pressure in pharma, FMCG and metal stocks capped gains
Indian markets ended higher today amid volatile trade, lifted by gains in IT and banking stocks. The Sensex rose 170 points to 40,286 while Nifty settled 0.25% higher at 11,870. Among the Sensex stocks, ICICI Bank rose 2.6%, Infosys 2%, Bajaj Finance 1.8%, HDFC Bank 1.4% and Maruti Suzuki 1.3%.
Selling pressure in pharma, FMCG and metal stocks capped gains. Heavyweights RIL fell 1% while HUL declined 1.3%. Among other top losers, Tata Steel, ONGC, Vedanta and IndusInd Bank fell between 1% and 3%.
Elsewhere, Aurobindo Pharma shares fell 9%. The pharma company in a communication to exchanges said that US FDA "inspected the company's Unit IV, a general injectable formulation manufacturing facility situated at Pashamylaram, Hyderabad, from 4th to 13th November 2019 and at the end of the inspection, we have been issued a 'Form 483' with 14 observations."
Manav Chopra, head of research at Indiabulls Ventures, said the phase of consolidation continues. "We expect Nifty to test 11,700 zone on the downside. Broader uptrend continues to remain intact. Dips towards the support zone should be utilized to build long positions as on a positional basis we remain positive on the Nifty and believe new all-time highs are coming above 12,100."
Inflation data announced on Wednesday showed retail inflation breaching the central bank's medium-term target of 4% in October for the first time in 15 months, on the back of higher food prices.
Data released on Monday showed September industrial output contracted 4.3%, following a decline of 1.4% in August.
Economists say the RBI will continue to cut rates as July-September growth could be worse than the previous quarter after industrial output contracted two out of three months during the period. (With Agency Inputs)