Sensex, Niifty Trim Gains; Metal Stocks Shine, FMCG Weak

Tata Steel, Hindalco, Sail and Jindal Steel were among the leading gainers on Nifty metal index.

The benchmark indices trimmed their early gains in mid-morning trading, after gaining more than 1 per cent at opening bell, as the market participants would have decided to take some profits off the table. The S&P BSE Sensex index climbed up more than 1 per cent to touch 34,357.30 at the strongest level of tha day, having started the day up 217.85 points at 34,198.55. The broader NSE Nifty 50 benchmark rose to a high of 10,147.50, after opening at 10,093.80.

At 10:58, the Sensex traded 73.48 points – or 0.2 per cent – higher at 34,062.55, while the Nifty was up 46 points – or 0.43 per cent – at 10,075.80. All the Nifty sectoral indices are trading in the green, withb the exception of the FMCG sector. A total of 33 of the 50 Nifty stocks were trading in the green.

The top percentage gainers on the Nifty were Tata Motors, Bharti Infratel, Tata Steel, Hindalco, JSW Steel and UPL, trading higher between 4.9 per cent and 6.5 per cent.

On the other hand, TCS, Bajaj Auto, HDFC and Hindustan Unilever, down 1.1 per cent to 2.1 per cent each, were the top losers.

The Nifty Metal index gained 3.3 per cent to 2,039, with Tata Steel, Hindalco, Sail and Jindal Steel adding 4.1 per cent to 6.4 per cent each.

On the other hand, the FMCG space was witnessing some selling pressure, with the likes of Hindustan Unilever, Britannia, Marico and ITC shedding upto 1.3 per cent each, on the NSE.

Among stocks in the news, Reliance Industries gained 0.71 per cent to Rs 1,591.20 on the news that Mubadala Investment Company (Mubadala), an Abu Dhabi-based sovereign investor, will purchase 1.85 per cent equity stake in Jio Platforms for Rs 9,093.60 crore.

SBI shares gained Rs 4 or 2.6 per cent, to Rs 179, ahead of the Q4 numbers scheduled later in the day.

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