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Sensex Ends 70 Points Higher; FMCG, Pharma Stocks Rally

Sensex Ends 70 Points Higher; FMCG, Pharma Stocks Rally
Sensex ended Thursday's session on a flat note owing to selling pressure in metal, capital goods and IT stocks.
 
The 50-share Nifty managed to close above its important psychological level of 8,900 supported by gains in FMCG heavyweight Hindustan Unilever and pharma giant Sun Pharmaceuticals Industries.
 
For the most part of the day, the Indian benchmark indices traded in a tight range. The broader Nifty traded in a range of 100 points while the Sensex traded in a range 330 points.
 
Defensive stocks like pharma and FMCG were in high demand in trades today. The BSE Healthcare index was the top sectoral gainer, the index jumped 2.6 per cent led by gains in Sun Pharma. Shares of Sun Pharma jumped over 3 per cent to settle at Rs 1,041. 
 
The shares of Sun Pharma have rallied nearly 20 per cent to Rs 1,046 in the last six trading sessions.  
 
Strides Arcolab, Lupin, Glaxosmithkline, Cipla and Dr Reddy's Labs also closed with gains.
 
FMCG stocks were also in demand today. The BSE FMCG index advanced over 1 per cent on the back of gains in Hindustan Unilever and ITC.
 
Meanwhile, metal stocks saw profit-booking after the Chinese Premier Li Keqiang said that the Chinese economy would grow at around 7 per cent, down from 7.4 per cent in 2014. The BSE metal index plunged over 2 per cent.
 
Slower growth in China indicates that the demand for metals would go down as China is the biggest consumer of metals in the world.
 
Shares of Jindal Steel, NMDC, Hindalco, Coal India, Tata Steel and Sesa Sterlite declined by over 1 per cent each.
 
Capital goods, IT, consumer durables, oil & gas and realty stocks also faced some amount of selling pressure and the respective indices closed lower.
 
The broader markets outperformed the benchmark indices. The BSE mid-cap and small-cap indices advanced over 0.5 per cent each.
 
The overall breadth on the Bombay Stock Exchange was neutral as 1,411 stocks advanced while 1,449 declined.
 
The Sensex finally closed 68 points higher at 29,449 and the Nifty gained 15 points to shut shop at 8,938.