Indian equity market witnessed the volatile session after opening above to the previous close and failed to hold its intraday gain in 1st half of the trading session but rebound in the last trading hour. Nifty ended the day at 5,973.30 up by 18.05 points while Sensex ended at 19,948.73 up by 97.50 points.
GoI relaxed Foreign Direct Investment or FDI guidelines for a range of industries including telecom in a bid to lure capital inflows, prop up the sliding rupee and revive up growth. Government removed cap of 74% on Telecom sector while increased FDI in insurance sector from 24% to 49%.
Shares of Hindustan Unilever surged to all time high on reports that it has raised prices of some of its personal care products. On Its report it has hiked Dove lotion 400 ml pack price by 15% to Rs 299 and 250 ml by 11% to Rs 200. Lakme deep pore cleanser (200 ml) price was also increased by 36% to Rs 150.
Ranbaxy falls on news reports that the company's Toansa and Mohali plants may be under the USFDA scanner for manufacturing practices. Already three of their plants in India Poanta Sahib, Batamandi and Dewas are currently under import alert and the company cannot export to the US from them.
Among the sectoral indices CNX MNC surge by 4.07% followed by CNX Consumption (1.22%) and CNX Energy (0.97%) meanwhile Bank Nifty plunged by -2.27% and was the biggest loosing sector index.
Out of the 50 stocks of Nifty 20 stocks ended in green while 30 stocks in red.
Top 5 Nifty gainers: HUL (9.13%), Asian Paints (3.50%), Ambuja Cement (2.97%), NTPC (2.48%) and ITC (2.32%) were among top Nifty gainers.
Top 5 Nifty losers: Tata Steel (-3.44%), BOB (-3.18%), Axis Bank (-3.08%), M&M (-2.79%) and Ranbaxy (-2.78%) were index losers.
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