Sensex snaps 3-day losing streak on rebound in FMCG and Pvt Bank shares

Mumbai, Sep 9 (IANS) Indian equity indices closed higher on Monday, snapping its three-day losing streak following a rally in FMCG and private bank stocks.

At closing, the Sensex was up 375 points or 0.46 per cent at 81,559 and the Nifty was up 84 points or 0.34 per cent at 24,936.

The market was led by private banking stocks. Nifty Bank closed at 51,117, up 540 points or 1.07 per cent.

In the Sensex pack, HUL, ICICI, ITC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, HDFC Bank, Nestle and UltraTech Cement were the top gainers. Tech Mahindra, Tata Steel, NTPC, Wipro, Tata Motors, Titan, Power Grid, HCL Tech, Sun Pharma and JSW Steel were the top losers.

Selling was seen in the midcap and smallcap stocks. The Nifty Midcap 100 index was down 154 points, or 0.26 per cent at 58,347 and the Nifty Smallcap 100 index was down 178 points or 0.93 per cent at 19,097.

Among the sectoral indices, FMCG, Fin services and private banks were major gainers. IT, Auto, metal, PSE and energy were major laggards.

Market experts said, "Despite a negative opening amidst weak global cues, the domestic market exhibited some recovery from last week’s steep fall. The market is currently attempting to gain stability between potential rate cuts and recession fears in the US. The current trend in the US job data suggests that the anticipated 25 bps rate cut may not be sufficient."

"Moreover, the upcoming data on US inflation and jobless claims will be decisive in assessing the market trend," they added.

Indian markets opened in the red. At 9:32 a.m., Sensex was down 215 points or 0.27 per cent at 80,968 and Nifty was down 78 points or 0.32 per cent at 24,773.