Mumbai, Aug 21 (PTI) Equity benchmark indices Sensex and Nifty closed higher on Wednesday, helped by gains in FMCG, consumer durables and healthcare stocks amid strong buying support from domestic institutional investors.
However, foreign capital outflows amid a cautious trend in global equities ahead of the release of US Fed minutes restricted the gains in domestic markets, traders said.
In a range-bound trade, the 30-share BSE Sensex gained for the second day in a row, rising 102.44 points or 0.13 per cent to close at 80,905.30. During the day, it rose 149.97 points or 0.18 per cent to hit an intra-day high of 80,952.83.
Rising for the fifth straight session, the NSE Nifty went up by 71.35 points or 0.29 per cent to end at 24,770.20.
“The Indian market traded on a tight range with a positive bias supported by strong DII flows. While defensive sector outperformed due to a continued shift in portfolio towards FMCG, consumer, commodities, and pharma.
“Global markets exhibited a mildly cautious tone ahead of the release of the FOMC minutes later today. Currently, the expectation of a rate cut remains high, given the fall in US inflation and moderation in overall growth,” Vinod Nair, Head of Research, Geojit Financial Services, said.
Among the Sensex firms, Titan, Asian Paints, ITC, Hindustan Unilever, Nestle India, Bajaj Finserv and Bharti Airtel were among the gainers.
In contrast, UltraTech Cement, Tech Mahindra, Tata Steel, Power Grid, HDFC Bank, HCL Technology, State Bank of India and ICICI Bank were the laggards.
Shares of FSN E-Commerce Ventures, beauty and personal care brand Nykaa, bounced 9.42 per cent on Wednesday. During the day, it rallied 18.6 per cent to hit its 52-week high of Rs 228.50.
GE T&D India stocks fell 5 per cent — its lower circuit limit — after the company said its promoters are considering selling a minority stake to simplify its holding structure.
Meanwhile, the scrip of NHPC fell 0.88 per cent after a major landslide in East Sikkim caused significant damage to the 510-MW hydroelectric project on the Teesta River.
In the broader market, the BSE smallcap gauge jumped 0.87 per cent, and the midcap index climbed 0.43 per cent.
Among the indices, Consumer Durables surged by 1.56 per cent, FMCG by 1.33 per cent, healthcare by 0.94 per cent, metal by 0.73 per cent, Telecommunication by 0.66 per cent, Commodities by 0.58 per cent and Consumer discretionary by 0.55 per cent.
Realty, Power, Bankex and Utilities were the laggards.
“The Indian markets showed mixed signals as key indices traded in a narrow range on Wednesday.
“Investors are now focusing on the minutes from the Federal Reserve’s most recent monetary policy meeting and Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium for clues on the US interest-rate cuts this year,” Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said.
The European markets were trading higher on Wednesday.
In Asian markets, Tokyo, Shanghai and Hong Kong were closed in the negative territory, while Seoul ended higher on Wednesday.
The US stock markets settled lower in overnight trade on Tuesday.
Foreign Institutional Investors (FIIs) again turned sellers on Tuesday as they offloaded equities worth Rs 1,457.96 crore, according to exchange data.
Domestic Institutional Investors (DIIs) bought equities worth Rs 2,252.10 crore on Tuesday.
Global oil benchmark Brent crude rose 0.28 per cent to USD 77.42 a barrel.
The 30-share BSE Sensex rebounded 378.18 points or 0.47 per cent to settle at 80,802.86. Rising for the fourth consecutive session, the NSE Nifty surged 126.20 points or 0.51 per cent to 24,698.85. PTI HG HG BAL BAL
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