Sensex Rebounds, Gains 131 Pts Nifty Above 23,500 as FMCG Consumer Durables Rally

Ira Singh
Khabar Khabaron Ki,24 June’24

The domestic share market indices traded marginally higher in a volatile session on Monday,led by gains in consumer durable and FMCG stocks.At close, the Sensex was up 131.18 points or 0.17 percent at 77,341.08, and the Nifty was up 36.75 points or 0.16 percent at 23,537.85. About 1800 shares advanced, 1696 shares declined, and 126 shares unchanged.

M&M, Shriram Finance, Power Grid Corporation, Sun Pharma and Grasim Industries are the top gainers on the Nifty, while losers included Cipla, IndusInd Bank, Adani Ports, Coal India and SBI Life Insurance.

On the sectoral front, capital goods, auto, FMCG and power indices up 0.5-1 percent, while metal, oil & gas, PSU Bank and media down 0.5-1 percent.The BSE midcap and Smallcap indices added 0.3 percent each.

Rupee Close
On 24 June’24,the Indian rupee ended higher at 83.46 against the US dollar on Monday,amid a negative trend in the domestic equity market.

Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices also weighed on the local unit and restricted the upmove.

Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services said that,despite the market being on a consolidative path, sectoral churning is visible in FMCG and consumer durables in anticipation of the budget expectations. Better tax collection and dividends from the RBI will encourage GoI on rural spending and tax benefits. In mid- and small caps, though the margin of safety in terms of valuation remains lacking, investors are keener on the growth story in capital goods, infra, auto, etc.

Experts suggest that the consolidation phase in the market is likely to continue and near term strength in the market could come from Bank Nifty.Market experts have recommended buying these five buy or sell stocks- Zensar Technologies, Whirlpool, IndiGo, Indus Tower, and PVR INOX.