stock market: Market Watch: What’s behind the cheer on Dalal Street? | The Economic Times Podcast

As softening crude oil prices, FIIs repositioning to net buyers and strong business data from lenders tempered optimism in domestic equities, Nifty rallied over 1 per cent to end near the 16,000 level. Sensex rallied over 600 points to end at 53,750.97.

Buying in banking and FMCG stocks also gave a fillip to the benchmark indices. Nifty FMCG rose over 2.5 per cent and was top sectoral gainers of today’s session, led by gains in Emami, Godrej, HUL and Britannia, which settled 4-6 per cent higher.

40 of 50 Nifty stocks closed in the green with 20 stocks rising over 2 per cent.

From the 30-share pack, Bajaj twins, HUL, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the major gainers.

On the flipside, Power Grid, NTPC, Reliance Industries, Larsen & Toubro and Tata Steel were top laggards.

Mr Vinod Nair, Head of Research at Geojit Financial Services, said crude prices fell over recessionary fears, however, the fall has boosted the appetite for consumption, chemicals, logistics and OMCs as it will reduce the cost burden of these sectors.

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