Sensex, Nifty volatile after early gains, IT and FMCG stocks up

Equity benchmark indices erased early gains in a choppy trade during early hours on Tuesday after the US Federal Reserve announced unprecedented measures to support the economy reeling from coronavirus pandemic.

Post Published By: DN Bureau

Updated : 24 March 2020, 11:01 AM IST

Sensex, Nifty volatile after early gains, IT and FMCG stocks up

Mumbai: Equity benchmark indices erased early gains in a choppy trade during early hours on Tuesday after the US Federal Reserve announced unprecedented measures to support the economy reeling from coronavirus pandemic.

Investors said other central banks can be expected to follow suit with bold measures to ease the strained financial and credit markets. At 10:15 am, the BSE S&P Sensex was down by 40 points to 25,941 while the Nifty 50 edged lower by 20 points to 7,591.

Sectoral indices at the National Stock Exchange were mixed with Nifty IT ticking up by 4.1 per cent, pharma by 2.8 per cent, and FMCG by 1.5 per cent. But Nifty private bank was down by 1.4 per cent and realty by 1.3 per cent.

Among stocks, IT major Infosys was the top gainer, moving up 7.9 per cent to Rs 568.40 per share. Tech Mahindra edged up by 3.8 per cent, HCL Technologies by 3.5 per cent and Wipro by 3.4 per cent.

Index heavyweight Reliance Industries was up by 3.1 per cent to Rs 911.65 while FMCG majors Hindustan Lever and Britannia gained by 6.1 per cent and 2.8 per cent respectively.

The other prominent gainers were Adani Ports, Cipla and Sun Pharma. However, IndusInd Bank plunged by nearly 15 per cent to Rs 286 per share. Titan, Bharti Infratel, Hero MotoCorp and Bharat Petroleum Corporation traded with a negative bias.

Meanwhile, Asian stocks rallied as the US Federal Reserve's pledge to spend whatever it took to stabilise the financial system eased debt market pressures. The world's biggest central bank signalled it will do practically anything -- extending loans to big and small businesses and purchasing unlimited amounts of government debt -- to help the US economy with coronavirus sending large swaths of the globe into shutdown mode.

Japan's Nikkei moved up by 4.9 per cent while MSCI's broadest index of Asia Pacific shares outside Japan added 1.2 per cent. (ANI)

Published :

24 March 2020, 11:01 AM IST

Topics :

BSE

business

Nifty

NSE

Sensex

share market

Follow Dynamite News WhatsApp Channel

Related News

Market opens lower on Friday; Investors cautious ahead of global cues

Sensex jumps 414 points; Nifty opens higher amid positive global cues

Gold prices rise for second straight day; Silver nears Rs 3 lakh per kg

Latest News

see all

Trump announces plan to quadruple US weapons production amid Iran tensions; Details here

Cooking gas gets costlier as LPG cylinder prices increase across India; Details here

US calls India ‘Very Good Actor’ amid temporary waiver on Russian crude; Know why

Entertainment

see all

When a 15-Year-Old Boy Approached Seema Anand in the “Filthiest Language”

Who Is Seema Anand? The Woman Trending Online Over Adultery Debate

Ranveer Singh unveils new posters; Announces Dhurandhar 2 trailer release time

Uttar Pradesh

see all

India News Today

Sensex, Nifty volatile after early gains, IT and FMCG stocks up