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FMCG sector leads turnaround

MUMBAI: Led by FMCG sector, the stock market made a strong turnaround on Wednesday after the overnight correction and the Sensex touched a new peak of 10,191.97 before ending up by 27 points on fresh buying support. The Bombay Stock Exchange Benchmark 30-share Index opened strong at 10,144.90 and later hit an all-time intra-trade high of 10,191.97 during morning trading.

The Sensex later fluctuated erratically and dropped to the day's low of 10,036.01 before ending the day at 10,113.18 against yesterday's close of 10,086.63, a net gain of 26.55 points or 0.26 per cent.

Key FMCG stocks, Hindustan Lever, Indian Tobacco Company and Procter & Gamble, hogged the limelight scoring impressive gains following excellent Q4 performance by HLL, which posted a 23 per cent growth in net profit in the quarter.

The market was bullish largely influenced by expectations of market-friendly budget and even the gains were considered to be overextended, brokers said.

The key driving force foreign institutional investors is believed to be picking up at select blue chip counters even at the prevailing higher price levels, attracting market players to make fresh commitments.

FIIs reports net investments of Rs. 335.5 crore on Monday, taking the total inflows in the first eight days of the month to Rs. 4,062 crore. Meanwhile, Asian market witnessed weak trend. The Nikkei ended down by 252.04 points. — PTI

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