Sensex climbs over 300 Pts; FMCG shares advance

The benchmark indices traded with modest gains in mid-morning trade. The Nifty traded above the 20,900 level. FMCG shares advanced after declining for the past trading session.

At 11:30 AM IST, the barometer index, the S&P BSE Sensex, was up 319.83 points or 0.46% to 69,615.97. The Nifty 50 index added 81.80 points or 0.39% to 20,936.90.

The Sensex clocked an all-time high of 69,673.83 while the Nifty hit record high of 20,958.65. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index advanced 0.19% while the S&P BSE Small-Cap index added 0.25%.

The market breadth was positive. On the BSE, 1,963 shares rose, and 1,617 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty FMCG index advanced 1.32% to 54,824.85. The index fell 0.23% in the past trading session.

ITC (up 2.49%), Marico (up 1.57%), Nestle India (up 1.41%), Varun Beverages (up 1.09%) and Colgate-Palmolive (India) (up 0.96%), Britannia Industries (up 0.87%), United Breweries (up 0.73%), Hindustan Unilever (up 0.66%), Tata Consumer Products (up 0.47%) advanced.

On the other hand, Radico Khaitan (down 1.03%), Godrej Consumer Products (down 0.66%) and United Spirits (down 0.5%) declined.

Stocks in Spotlight:

Angel One surged 6.05% after the brokerage company�s client base jumped 51.3% to 18.45 million in November 2023 as against 12.19 million in November 2022.

Bank of India rose 0.50%. The public sector bank announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 105.42 per share.

Global market:

Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody�s Investors Service downgraded its outlook for Chinese sovereign bonds to �negative,� highlighting global worries over the country�s soaring debt. While maintaining an A1 long-term rating, Moody�s expressed concerns about China�s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

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