Consumer goods giants Hindustan Unilever (HUL) and ITC came to the rescue of the market as the benchmark CNX Nifty recovered from lows and posted moderate gains to close at 5,973 at the National Stock Exchange (NSE) today amidst mixed global cues.
HUL was the top gainer from the Nifty pack, soaring a hefty 9.94 per cent after the company announced a hike in prices of its several products.
ITC, another index heavyweight and FMCG giant, also notched up handsome gains following good rainfall which will increase income of the agriculture-dependent rural population.
FMCG companies derive substantial revenue from rural India.
However, banking, finance and auto counters continued to suffer after the RBI announced steps to tighten liquidity in the financial system to prop up the rupee.
The Nifty, after moving in a range of 60 points, gained 18.05 points, or 0.30 per cent, to settle at 5,973.30. Yesterday, it had dipped by 75.55 points.
Other major gainers from the Nifty were Asian Paints 3.63%, Ambuja Cement 3%, NTPC 3.04% and ITC 2.31%.
Top losers were Tata Steel 3.34%, Bank of Baroda 3.11%, Axis Bank 3.02%, IndusInd Bank 2.68% and NMDC 2.49%.
Turnover in the cash segment shot up further to Rs 13,805.05 crore from Rs 10,377.23 crore yesterday. A total of 7,212.01 lakh shares changed hands in 66,09,314 trades. The market capitalisation stood at Rs 63,66,679 crore.