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Sensex and Nifty rise with FMCG and IT stocks leading

On August 21, the Indian stock market saw continued positive momentum, with the Nifty 50 index marking its fifth consecutive session of gains. The index closed at 24,770.20, up by 71 points or 0.29 percent. The Sensex also ended the day on a positive note, rising by 102 points or 0.13 percent to close at 80,905.30.

News Arena Network - Mumbai - UPDATED: August 21, 2024, 04:54 PM - 2 min read

Stocks Gain With Nifty 71 And Sensex 102 Points Today.

Sensex and Nifty rise with FMCG and IT stocks leading

Stocks Gain With Nifty 71 And Sensex 102 Points Today.


On August 21, the Indian stock market saw continued positive momentum, with the Nifty 50 index marking its fifth consecutive session of gains. The index closed at 24,770.20, up by 71 points or 0.29 percent. The Sensex also ended the day on a positive note, rising by 102 points or 0.13 percent to close at 80,905.30.

 

The day’s gains were driven largely by strong performances from leading FMCG and IT stocks, including ITC, Hindustan Unilever, and Tata Consultancy Services (TCS). Over the past five sessions, the Nifty 50 has increased by approximately 2.6 percent, reflecting ongoing investor confidence.

 

The domestic market’s positive performance was influenced by favourable global cues. Investors are eagerly awaiting the Jackson Hole Economic Symposium, which begins on August 22 and runs through August 24.

 

This annual event is a key focus for market participants as it provides insights into future Federal Reserve policies. US Fed Chair Jerome Powell is expected to speak at the symposium on Friday, and investors are hopeful for clear indications regarding potential rate cuts, which are anticipated to start in September.

 

The Nifty 50 opened the trading day lower at 24,680.55 but rallied to close at 24,770.20. During the session, it reached an intraday high of 24,787.95 and a low of 24,654.50.

 

Key contributors to the Nifty 50’s gains included ITC, Bharti Airtel, Hindustan Unilever, Titan, and TCS. Conversely, HDFC Bank, ICICI Bank, Tata Steel, UltraTech Cement, and Power Grid were among the notable laggards.

 

The Sensex also experienced fluctuations, opening 136 points down but eventually closing 102 points higher. It touched an intraday high of 80,952.83 and a low of 80,626.38 before settling at 80,905.30.

 

The broader market showed strong performance, with the BSE Midcap and Smallcap indices outperforming the Sensex. The Midcap index rose by 0.43 percent, while the Smallcap index increased by 0.87 percent.

 

The overall market capitalization of BSE-listed firms grew to nearly ₹459.3 lakh crore, up from about ₹456.9 lakh crore in the previous session, adding around ₹2.4 lakh crore in a single day.

 

Sector-wise performance on the NSE was mixed. The Nifty Realty index declined by 1.31 percent, while the Nifty Bank index fell by 0.23 percent. The Financial Services index and the PSU Bank index also slipped by 0.15 percent and 0.43 percent, respectively.

 

In contrast, sectors like Nifty Consumer Durables, FMCG, Media, and Pharma posted gains, with increases of 1.41 percent, 1.37 percent, 1.20 percent, and 0.91 percent, respectively.

 

Vinod Nair, Head of Research at Geojit Financial Services, noted that the Indian market traded within a narrow range but maintained a positive bias, supported by robust domestic institutional investor flows.

 

He attributed the outperformance of defensive sectors to a shift towards FMCG, consumer goods, commodities, and pharma stocks. Nair also highlighted a cautious global market tone ahead of the FOMC minutes release, with high expectations for a rate cut due to falling US inflation and moderating growth.

 

Overall, the market remains focused on the upcoming symposium and the potential implications for future monetary policy.

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