Sensex closes 350 points higher, Nifty FMCG gains by 1.8 pc

 

 

 

Equity benchmark indices continued to gain for a second consecutive day on the back of positive global cues as new coronavirus cases were reported slowing in China on Wednesday.

A slowdown in the rate of new infections provided some relief, but markets players were still worried over the wider global economic impact.

On the domestic front, the market sentiment was lifted by Finance Minister Nirmala Sitharaman’s statement that green shoots of growth are already visible.

The BSE S&P Sensex closed 350 points higher at 41,566 while the Nifty 50 ticked up by 93 points to 12,201.

Sectoral indices at the National Stock Exchange were mixed with Nifty FMCG advancing by 1.88 per cent, metal by 0.6 per cent and auto by 0.5 per cent.

Among stocks, Hindustan Lever hit a 52-week high to close at Rs 2,262 per share, up 5.08 per cent. Nestle India gained by 3.8 per cent to wind up the day at Rs 16,280 per share.

Auto majors Eicher Motors, Mahindra & Mahindra, and Hero MotoCorp accelerated by 1.8 per cent, 1.5 per cent and 1.1 per cent respectively. Kotak Mahindra Bank and ICICI Bank were up by 2.1 per cent and 1.8 per cent.

The other prominent gainers were JSW Steel, Wipro and Reliance Industries.

However, Yes Bank slipped by 4.48 per cent to Rs 35.20 per share. Bharti Infratel, State Bank of India, IndusInd Bank and Bharat Petroleum Corporation also traded with a negative bias.

Meanwhile, Asian shares nudged higher amid hopes the worst of the coronavirus in China may have passed. Still, there was prevailing uncertainty about the outbreak which kept several investors wary.

The Shanghai Composite index and Hong Kong’s Hang Seng rose by 0.87 per cent each while Japan’s Nikkei stock index edged higher by 0.74 per cent.

The market mood brightened after China’s senior medical adviser said on Tuesday the number of new coronavirus cases is falling in some provinces and forecast the epidemic will peak this month.

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