Stock Market Updates: Sensex, Nifty Rise; FMCG, IT Gains

The Indian stock market continued trading in the green but off day’s high. At 1:38 PM, Sensex gained 165 points at 71602 level. Nifty added 63 points and was trading at 21516 mark.

The domestic stock market followed positive global cues after Dow Jones and Nasdaq hit new all-time highs. Decline in yields and a weaker dollar also boosted positive sentiments among investors and traders.

Apart from the Indian market, other Asian markets were also trading in the green with Nikkei up 1.36 percent at 33,675.94 mark followed by Kospi which gained 1.75 percent. Hang Seng added 0.45 percent and was trading at 16,586.77 level.

Also Read: Oil & Gas Stocks Rally after Govt Cuts Windfall Tax; OIL, ONGC Top Gainers

All sectoral indices barring the metal index were trading in the green. The FMCG and oil & gas indices gained over one percent. 

Top Nifty50 Gainers:

Top Nifty50 Losers:

Oil & gas stocks were in focus after the government cut windfall tax on petroleum crude and diesel and on steady power demand. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to Rs 1,300 from Rs 5,000 per tonnes, according to an official notification.

IT stocks also edged higher, with the index adding half a percent. The sector rose even as global information technology firm Accenture forecasted a weaker-than-expected growth in February. 

Accenture has projected second-quarter revenue below estimates. It expects Q2 revenue in the range of $15.40- 16 billion against $16.20 billion, estimated by analysts polled by LSEG.

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