Aviation, FMCG stocks gain | Business Standard News

Key equity benchmarks were hovering a tad above the flat line in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 7.94 points or 0.03% at 31,669.91. The Nifty 50 index was up 17.90 points or 0.18% at 9,934.10. Stocks from aviation and FMCG sectors were in demand. Shares of index heavyweight and cigarette major ITC dropped.

Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices gradually trimmed intraday gains till early afternoon trade. Stocks swung between gains and losses around the flat line in afternoon trade.

The S&P BSE Mid-Cap index was up 0.83%. The S&P BSE Small-Cap index was up 0.71%. Both these indices outperformed the Sensex.

The breadth indicating the overall health of the market was positive. On BSE, 1,432 shares gained and 1,059 shares fell. A total of 160 shares were unchanged.

Index heavyweight and cigarette major ITC lost 1.67% to Rs 270.95. The stock hit a high of Rs 277.55 and low of Rs 270.15 so far during the day.

FMCG stocks gained. Colgate-Palmolive (India) (up 2.43%), Godrej Consumer Products (up 2.27%), Hindustan Unilever (up 0.12%), Marico (up 0.79%), Nestle India (up 1.36%), Tata Global Beverages (up 0.66%), Procter & Gamble Hygiene and Health Care (up 0.13%), Britannia Industries (up 0.49%) and GlaxoSmithkline Consumer Healthcare (up 0.27%) rose. Jyothy Laboratories (down 0.04%), Bajaj Corp (down 0.11%) and Dabur India (down 0.27%) fell.

Aviation stocks gained. SpiceJet (up 1.76%), Jet Airways (India) (up 1.9%) and InterGlobe Aviation (up 0.5%) rose.

Cadila Healthcare rose 3.16% after the company announced that the US Food and Drug Administration (USFDA) inspected the company’s Moraiya facility in Gujarat from 31 August 2017 to 7 September 2017. At the end of the inspection, no observation (483) was issued, the company said. The announcement was made during trading hours today, 7 September 2017.

Indiabulls Housing Finance rose 4% to Rs 1,313.50 on reports that a foreign brokerage house has maintained its ‘buy’ rating on the stock and raised its target price. According to reports, the brokerage hiked its target price on the Indiabulls Housing Finance stock to Rs 1,500 from Rs 1,380 earlier. The brokerage cited that the company’s growth will be driven by its ability to scale up housing loans. The company has strong presence in fast-growing markets (distant suburbs of Mumbai), it reportedly added.

I G Petrochemicals lost 1.12% to Rs 522, with the stock sliding on profit booking after recent sharp rally. Shares of I G Petrochemicals had spurted 21.62% in the preceding six trading sessions to settle at Rs 527.90 yesterday, 6 September 2017, from its close of Rs 434.05 on 29 August 2017.

Overseas, European stocks were trading higher before a much-awaited European Central Bank policy meeting. The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.

German industrial production remained flat in July as slightly increased output in manufacturing and construction was not enough to compensate for a plunge in the energy sector, data showed. France’s current-account deficit widened significantly in July, with a significant increase in imports outpacing a slight increase in exports, the French government said. The eurozone’s second-largest economy recorded a 4.2 billion-euro ($5.01 billion) current-account deficit in July, compared with EUR2.4 billion in June.

Asian stocks rose, tracking overnight gains in the US stocks, following a deal to extend the federal government’s borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017, after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.

In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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