On Wednesday, Indian share market witnessed a steady increase, thus ready to set for a consecutive winning session for the 10th time. With hopes of strong results in the first quadrant, the stocks of consumer staples have been the top gainer in the share market.
The gains that are observed in broader Asian Stocks, with shares from Asia-Pacific’s MSCI index, is also responsible for boosting sentiments of investors outside Japan up to 0.5%.
Since early-October 2007, the Sensex of BSE with 0.2% higher benchmark, began its longest winning streak at 34,465.17 points. Also, the NSE Nifty observed a growth of 0.16% at 10,565.10 points, on 0554 GMT, thus posting its long run of winning since later-January of the year 2015.
As per Vice President, Siddharth Sedani, the investors are hoping for better results on a quarterly basis, as the positive forecast for monsoon is boosting their sentiments.
Anand Rathi, Head of Equity Advisory suggests, with specific stock movement taking placed based on consumer’s earnings, the markets will soon become range-bound. The IT stocks are also gaining weight based on the forecast of tepid outlook from Infosys Ltd. and also due to volatile nature of the rupee.
One of India’s biggest cigarette manufacturer, ITC Ltd. is also operating Sunfeast for selling biscuits under its brand. This company has registered its name as top contributor, both on Sensex and Nifty indexes, thus emerged as a gainer for a 3rd straight session.
Another consumer staples stock such as Hindustan Unilever Ltd. has registered a growth of all-time high, whereas stock of Dabur India Ltd. has hit an 11-week high with a growth of 2.8%.
The media stocks have also witnessed growth up to 1.5% with the Nifty index for media and Zee Entertainment stocks have risen to 3.3% to observe a 3-week high with 594.9 rupees.
However, following the March quarter reports of Infosys on Friday, the stocks of information technology continued to be under pressure for selling out. In the meantime, stocks of Mindtree Ltd. and ACC Ltd. were traded highly during the second half of the day, based on their quarterly performances.