INDIA STOCKS Indian stocks rise slightly as consumer stocks gain – Reuters

A general view of the Bombay Stock Exchange (BSE), after Sensex broke above the 50,000 level for the first time, in Mumbai, India January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU, Sept 27 (Reuters) – Indian stocks edged higher on Tuesday, led by consumer companies, after closing at a nearly two-month low in the previous session, as sluggishness in global markets subdued global markets. earnings.

The NSE Nifty 50 Index (.NSEI) rose 0.24% to 17,058 at 0506 GMT, while the S&P BSE Sensex (.BSESN) gained 0.3% to 57,316.04. On Monday, both indexes fell more than 1.5%.

“Global markets are not completely off the hook. Indian markets won’t be able to sustain strong gains given US macro data, monthly derivatives expiration and policy decision monetary policy from the Reserve Bank of India later this week,” said Prashanth Tapse. , Research Analyst, Mehta Equities.

“We are in a very volatile area given the movement of the dollar index. Unless the index cools down, Indian markets may not be in a positive trend,” Tapse said.

Foreign institutional investors on Monday sold 51.01 billion Indian rupees ($625.1 million) worth of domestic stocks, according to preliminary data available from the National Stock Exchange.

The Nifty FMCG index (.NIFTYFMCG) gained 1% on hopes of higher volume growth and a recovery in margins as prices for many key commodities like palm oil cooled , analysts said. The index gained almost 4% last week.

“We are in the holiday season and volume growth will be higher than the last six months. Being a defensive business, FMCG looks good,” Tapse said.

Among individual stocks, Mahindra Logistics (MALO.NS) rose 2.5% after the company announced it would sell its enterprise mobility business to its unit for Rs 361.2 million and buy the B2B Express business of Rivigo for 2.25 billion rupees.

Britannia Industries (BRIT.NS) and Hindustan Unilever (HLL.NS) were the biggest gainers in the Nifty 50 index, up 1.9% and 1.8%, respectively. Adani Ports (APSE.NS) was the big loser, down 2.5%.

($1 = 81.6100 Indian rupees)

Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza and Dhanya Ann Thoppil

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