Sensex rises over 300 points, nifty ends in high | Top gaining shares
India Today
Nifty 50 index closed up 0.53 per cent or 83.30 points at 15,835.35 and the S&P BSE Sensex rose 0.62 per cent or 326.84 points to 53,234.77.
The Sensex and Nifty recovered early losses to close higher on Monday as consumer stocks gained after commodity prices tumbled, overshadowing a selloff in metal companies due to worries over waning demand from top consumer China.
The NSE Nifty 50 index closed up 0.53 per cent or 83.30 points at 15,835.35 and the S&P BSE Sensex rose 0.62 per cent or 326.84 points to 53,234.77. Both indexes had fallen about 0.5 per cent during the session.
Wheat and oil prices tumbled, lifting the Nifty fast moving consumer goods index up 2.66 per cent.
A reduction in commodity costs, including palm oil and wheat, should come as a relief for fast-moving goods companies, said Saurabh Jain, assistant vice president, research at SMC Global Securities.
The Nifty metals index fell as much as 2.7 per cent as iron ore and steel prices tumbled on the prospects of aggressive rate hikes stoked fears of global economic slowdown.
The Nifty IT index, meanwhile, dropped 0.6 per cent.
"The broader market narrative remains unchanged with a slowdown in global manufacturing causing investors to re-examine views on stagflation versus recession amid lower commodity prices," said Stephen Innes, managing partner at SPI Asset Management.
