Sensex Closes Higher for 2nd Day, Nifty Above 19,400; Auto, FMCG Stocks Top Gainers

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Sensex Closes Higher for 2nd Day, Nifty Above 19,400; Auto, FMCG Stocks Top Gainers

The Sensex closed higher for the second day in a row on July 11, 2023, with gains in auto, FMCG, and IT stocks. The 30-share index closed at 65,744.94, up 273.67 points or 0.42%. The Nifty 50 index closed at 19,439.40, up 83.50 points or 0.43%.

The Sensex and Nifty had both fallen in the previous eight sessions. However, they have rebounded in the past two days, as investors have become more confident about the economic outlook.

The gains in the Sensex and Nifty were led by gains in auto, FMCG, and IT stocks. Auto stocks rose on hopes of strong sales in the coming festive season. FMCG stocks rose on expectations of robust demand in the coming months. IT stocks rose on strong demand for IT services from global clients.

The broader market also rose, with the BSE Midcap index up 0.64% and the BSE Smallcap index up 0.76%.

The market breadth was positive, with 2,225 stocks advancing and 952 stocks declining.

The total turnover on the BSE was Rs. 43,907 crore.

Analysts’ Take:

Analysts said that the Sensex and Nifty are likely to continue to trade in a range in the near term, as investors await more clarity on the global economic outlook.

“The markets are likely to consolidate in the near term, as investors await more clarity on the global economic outlook,” said Anuj Gupta, Vice President – Research at IIFL Securities. “However, the long-term trend for the markets is positive, as India is well-placed to benefit from the global economic recovery.”

Share Market update: Sensex rises 379 pts, Nifty above 17,800; M&M, Maruti  top gainers - BusinessToday

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