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Let us take a quick glance at what happened on the Dalal Street today.
As Sensex scaled a new lifetime high, the market cap of BSE-listed companies’ hit Rs 200 lakh crore mark for the first time ever. Investors managed to shrug off the weakness in Asian markets with shares of banks leading the revival on Dalal Street.
Nifty Bank rose 1.7 per cent with Kotak Mahindra Bank closing higher by 3%, Bank of Baroda by 6% and Federal Bank by 5%. SBI’s stock jumped 6% after the lender’s better-than-expected Q3 numbers.
Sensex rose over 350 points for the day whereas, Nifty closed near the 14,900 mark.
Other major winners of the day were ITC, Coal India and ONGC, which rose 4-6%. However, there was selling pressure in shares of Asian Paints and UPL.
In the broader market, nearly two stocks rose for every one stock that declined.
The stand out sector of the day was FMCG with the Nifty FMCG index rising 2.5%, despite recent investor bias for cyclical stocks.
ETMarkets’ Chiranjivi Chakraborty caught up with Nilesh Shetty, a fund manager at Quantum AMC, to understand if investors should keep consumer stocks in their portfolio.
Q. Given the Budget’s impetus to the supply-side of the economy, should consumption stocks be part of investor portfolio?
Q. Within the consumption space, where should the bias be: consumer staples or consumer discretionary?
Q. Within consumer discretionary, are there any pockets that you are really excited about?
Thank you Mr. Shetty and Chiranjivi!
Moving on…
Risk appetite in Asian markets was weak as they ended up to 1% lower. However, European markets bounced back after starting on a weak note and were trading in the black. US stock futures were trading mildly higher, hinting at a positive start for US equities later in the day.
That’s all for today!
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