Live Stock Market Updates – Nifty regains momentum, FMCG stocks jump on GST rates
Fast and moving consumer goods stocks were trading higher after items such as cereals, which were taxed earlier at 5%, will now be zero-rated. Coffee, sugar, tea and edible oil will attract a lower GST rate of 5%.
FMCG stock are sizzling on the bourses, with heavyweight giants such as ITC and HUL contributing majorly to the BSE FMCG index.
ITC is alone contributing nearly 35% to the index gains and lifting it to higher levels. The BSE FMCG index is the top gaining index on Friday’s trading session.
Other stocks such as, Jayshree Tea is up by 5.8%, Colpal is up by 4.6%, Tata Coffee is up by 4.5%, SDBL is up by 4.4%, Marico is up by 4.1% and KRBL is up by 3.9%.
At 10 AM, the S&P BSE Sensex is trading at 30699 up 264 points, while NSE Nifty is trading at 9494 up 65 points. A total of 22 stocks registered a fresh 52-week high in trade today, while 16 stocks touched a new 52-week low on the NSE.
There are 1252 advances, 280 declines and 414 unchanged stocks on NSE reflecting strong positive bias floating in the market.
The BSE Mid cap Index is trading up 0.8% at 14869, while BSE Small cap Index is trading up 1.1% at 15541.
Some buying activity is seen in Realty, Metal, Oil & Gas, Auto and Bankex while Information Technology is showing weakness on BSE.
ITC, Bank of Baroda, Yes Bank, Coal India, HUL and SBI are among the gainers, whereas TCS, Infosys, Asian Paints, Wipro are losing on the NSE.
The INDIA VIX is down 4.4% at 11.
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