Indian stock indexes retreated slightly from record highs in mid-morning trading on Monday but continued to show strong performance, driven by gains in consumer goods and information technology (IT) sectors.
Market Overview:
Nifty 50 Index: Up by 0.27% to 25,304.1 points.
BSE Sensex: Trading 0.32% higher at 82,624.67 points.
Sector Performance:
Consumer Goods:
ITC (ITC.NS): Shares rose by 2%.
Hindustan Unilever (HLL.NS): Shares increased by 1%.
The Nifty FMCG index gained 1%, reflecting strong performance in the consumer goods sector.
The boost in consumer stocks is attributed to the Indian weather department’s report of above-average rainfall in August and a forecast for September to see rainfall at 109% of the 50-year average. This is expected to benefit agricultural output and consumer spending.
Information Technology:
IT stocks also contributed to the market’s strength, with the sector continuing to attract investor interest.
Summary: Indian stock indexes showed resilience and positive movement, supported by gains in consumer goods and IT sectors. The favorable weather conditions and expectations for robust consumer spending have provided a boost to these sectors, while the overall market remains strong despite easing slightly from record highs.
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