Sensex off Highs, all Eyes on Economic Survey

The Sensex came off the intraday high levels in the late morning deals on the back of selling in FMCG and metal stocks.

 

The Nifty continued to trade above 8,700, however, it came off the intraday high of 8,758 level touche in the opening deals led by selling in ITC, TCS and HUL.

 

Analysts said benchmark indices came off the day's high an hour ahead of the Economic Survey as traders reduced positions ahead of the outcome of the survey.

 

Meanwhile, the broader markets were outperforming the benchmark indices as the BSE mid-cap and small-cap indices were up around 1 per cent each.

 

Buying was visible in the capital goods stocks as investors looked at buying stocks from this sector after Railway Minister called for investments in railways. Companies from capital goods space are likely to benefit from this move.

 

Auto, power and banking stocks were also trading with a positive bias.

 

FMCG index fell owing to selling in ITC and Hindustan Uniliver.

 

At 11:10 A.M., the Sensex was up 117 points at 28,864 and the 50-share Nifty advanced 42 points to 8,725.