Benchmark share indices gained for the fourth straight session led by index heavyweight Reliance Industries while FMCG shares gained after concerns over monsoon eased. The 30-share Sensex ended up 146 points at 26,833 and the 50-share Nifty closed 44 points higher at 8,092. "Buying spree continued as the market was oversold due to the correction in the previous weeks while encouraging macro data also helped investor sentiment. FMCG shares rallied as near-term concerns regarding the monsoon eased, Further, the two-day FOMC meet which ends later today could signal the US Fed's stance on interest rates going forward. RUPEE The Indian currency firmed up against the US dollar on the back of selling of the US dollars by banks and exporters while gains in domestic equities also aided sentiment. The rupee was trading higher at 64.13 compared to the previous close of 64.24.
SECTORS & STOCKS BSE FMCG and Healthcare indices were the top sectoral gainers along with Capital Goods among others. Steel stocks gained amid media reports that the government has raised import duty on long steel products to 7.5% from 5.5% and flat steel products to 10% from 7.5%. Among steel stocks,
Tata Steel gained 3.6%,
SAIL gained 1.8%,
JSW Steel rose 3.3%,
Jindal Steel ended up 1%.
Bhushan Steel was up 3.6%
Uttam Galva Steels surged 4.5%
Kalyani Steel gained 6%.
Reliance Industries ended up 3%. The company plans to gradually reopen all its 1,400 fuel retail outlets by next March. It has nearly 400 filling stations working now. FMCG shares firmed up on hopes that the monsoon which has been 13% above normal so far pan-India would boost the rural economy and help volume growth.
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