Sensex jumps 507 pts; FMCG shares rally

Domestic equity indices continued to trade near the day�s high in early-afternoon trade. The Nifty traded above the 20,250 mark. FMCG shares witnessed buying demand for third consecutive trading session.

At 12:26 AM IST, the barometer index, the S&P BSE Sensex, was up 507.28 points or 0.76% to 67,495.72. The Nifty 50 index added 142.60 points or 0.71% to 20,275.75.

The benchmark, Nifty50 index hit a fresh all-time high at 20,281.

In the broader market, the S&P BSE Mid-Cap index gained 0.88% while the S&P BSE Small-Cap index advanced 0.70%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 34,588.67 and 40,718.81.

The market breadth was strong. On the BSE, 2,307 shares rose and 1,322 shares fell. A total of 143 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers� Index (PMI) in November improved to 56 from October`s eight-month low of 55.5, indicating a stronger improvement in operating conditions. The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: �India�s manufacturing industry maintained its robust performance in November, with output regaining growth momentum. Firms� ability to secure new business, both domestically and from abroad, remained central to the success of the sector.�

India�s gross domestic product (GDP) grew 7.6 per cent y-o-y during the July-September 2023 quarter (Q2 FY24) as compared with the 6.2 per cent growth recorded a year ago, according to the latest official data released on Thursday. India�s economy had grown 7.8 per cent in the April-June 2023 quarter.

The central government`s fiscal deficit widened to Rs 8.04 lakh crore in April-October from Rs 7.02 lakh crore in April-September, data released by the Controller General of Accounts on November 30 showed. At Rs 8.04 lakh crore, the fiscal deficit for the first seven months of the current financial year accounts for 45.0 percent of the full-year target of Rs 17.87 lakh crore.

The combined Index of Eight Core Industries (ICI) increased by 12.1 per cent (provisional) in October 2023 as compared to the Index of October 2022. The production of all eight core industries recorded positive growth in October 2023 over the corresponding month of last year.

Buzzing Index:

The Nifty FMCG index added 1.42% to 53,767.00. The index jumped 2.43% in three trading sessions.

Colgate-Palmolive (India) (up 3.18%), Radico Khaitan (up 2.73%), ITC (up 2.7%), Godrej Consumer Products (up 1.71%) and Emami (up 1.55%), Britannia Industries (up 1.35%), Hindustan Unilever (up 1.08%), United Breweries (up 0.96%), Procter & Gamble Hygiene and Health Care (up 0.6%) and United Spirits (up 0.43%) advanced.

On the other hand, Varun Beverages (down 1.14%), Marico (down 0.42%) declined.

Stocks in Spotlight:

Protean eGov Technologies advanced 1.11% to Rs 1,212.20 after the company�s consolidated net profit jumped 27.65% to Rs 32.78 crore in Q2FY24 as compared with Rs 25.68 crore recorded in Q2 FY23. Revenue from operations stood at Rs 235.69 crore during the quarter, registering growth of 32.66% as against with Rs 177.66 crore posted in Q2 FY23.

Steel Strips Wheels (SSWL) rose 1.92% to Rs 283.40 after the company achieved net turnover of Rs 371.98 crore in November 2023, recording a growth of 9.14% on YoY basis. The firm`s net turnover in the same period last year was Rs 340.84 crore.

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