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Sensex Surges Over 100 Points, Nifty Above 11,300

Share Market on Wednesday: Consumer stocks led the gains as the Nifty FMCG index was the top sectoral gainer with 1.19 per cent gain.

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Sensex Surges Over 100 Points, Nifty Above 11,300

Stock Market on Wednesday: The Sensex opened at 37,546.42 and the Nifty50 at 11,340.10.

The domestic stock markets swung between gains and losses after a positive opening on Wednesday. The S&P BSE Sensex opened at 37,546.42 and the broader Nifty50 index of the NSE at 11,340.10. However, soon after the benchmarks turned negative but were later again trading with gains. At 10:45 am,  the 30-share Sensex traded at 37,546.05, up 132.92 points or 0.36 per cent and the 50-share Nifty was at 11,320.30, with a gain of 32.80 points or 0.29  per cent. The top five Sensex gainers were PowerGrid Corporation, ONGC, Hindustan Unilever, Adani Ports, and Kotak Mahindra Bank which gained between 1.04 per cent and 2.38 per cent.

Consumer stocks led the gains as the Nifty FMCG index was the top sectoral gainer with 1.19 per cent gain.

Building up of positions by domestic institutional investors (DIIs) ahead of index of industrial production (IIP) for July and inflation data for August -- to be released later in the day -- impacted investor sentiment, brokers were quoted as saying in a report by news agency Press Trust of India.

Techincal analysts, however, see support for the Nifty at 11,200. "There is a strong support at 11,200 level and we are expecting some pull back in the next few trading sessions where the benchmark index is expected for further escalate towards north till 11,500 mark...For Bank Nifty, there is a strong support near 26,600 mark and  it is expected to bounce back. We may see some upward rally towards 27,500 in coming days," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.

Meanwhile, Asian stocks slipped to 14-month lows, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3 per cent, plumbing to its lowest levels since July 2017.

Provisional NSE data showed that foreign portfolio investors sold net equities of Rs 1,454.36 crore and DIIs purchased net shares of Rs 749.62 crore on Tuesday.

In the currency market, rupee touched a new lifetime low of 72.91 against the US dollar.

The Sensex last closed at 509 points lower at 37,413 and the Nifty declined 150 points to settle at 11,287. (With Agencies inputs)

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