Key equity benchmarks were trading at three month highs led by buying in IT, banks and selective telecom stocks. Reserve Bank of Indias credit policy review and its outlook on future rate cuts will set the near-term direction for market particularly a.
Key equity benchmarks closed at one-month highs, boosted by heavy buying in FMCG, metal and telecom shares. Hindustan Unilever (HUL) rose 17 percent after parent Unilever announced an open offer to buy 22 percent stake in the company at Rs 600 apiece.
Key equity benchmarks gave up most of the early morning gains on profit booking. The Nifty had rallied close to 400 points in the last fortnight and retreated back below 5900 after touching a fresh one-month high of 5950 in the opening bell.
The Nifty was trading at one-month high in the morning trade after benchmark indices in US market closed at all-time high. Back home, the sentiment was further lifted by the open offer made by FMCG conglomerate Unilever.
The market has opened on very strong note. The Sensex gained 208.62 points to be at 19596.12 while the Nifty soared 50.75 points to 5954.85. Star of the day Hindustan Unilever fired up the benchmark indices with the stock rising 18.9 percent on the BSE.
Key equity benchmarks closed in green after consolidating for most part of the day. The action was by and large stock specific which had declared their results today. Positive regional shares helped the Nifty to close above 5900 mark once again.