Sensex Today Ends 177 Points Higher | FMCG Stocks Rally as HUL, Dabur Surge | Laurus Labs Cracks 10%

Tue, 29 Nov Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended higher, taking the recent rally to sixth consecutive session.

Benchmark indices rose as FMCG stocks rallied. Meanwhile, what really aided sentiment was strong Asian peers, that rebounded after China's decision to support property developers to boost demand.

At the closing bell, the BSE Sensex stood higher by 177 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 55 points (up 0.3%).

HUL, Sun Pharma, and Nestle India were among the top gainers today.

IndusInd Bank, Maruti, and Power Grid, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,740, up by 14 points, at the time of writing.

Broader markets settled on a negative note. The BSE MidCap fell 0.4% while the BSE SmallCap index ended 0.3% lower.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, metal sector and healthcare sector witnessing most of the buying.

While telecom stocks and capital goods stocks witnessed selling.

Shares of CEAT and ICICI Bank hit their 52-week highs today.

Reversing the downtrend, Paytm share price rose today following upgrade from a brokerage house. Paytm share price has fallen over 70% in 2022.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets reversed course and ended on a positive note. The Hang Seng zoomed over 5% while the Shanghai Composite index ended 2.3% higher.

US stock futures rose as China growth fears abate. Dow futures are trading up by 0.1% while Nasdaq futures are up by 3% or 38 points.

The rupee is trading at 81.70 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.5% at Rs 52,448 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.7% at Rs 61,311 per kg.

Speaking of stock markets, Aditya Vora talks about a smallcap jewellery stock and why it could be a better option than Titan, in his latest video.

A 30% fall from the peak offers a good opportunity in this niche diamond exporting company.

Some Respite for Gland Pharma

Gland Pharma share price surged today after reported stated that Guangchang's Shanghai Fosun Pharmaceutical Group Co. is considering a sale in the company.

This comes after it received interest from potential buyers.

Fosun Pharma, a listed arm of Chinese conglomerate Fosun International, has been working with an adviser as it informally gauges interest in its controlling stake in Gland Pharma.

Gland Pharma specializes in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in about 60 countries.

Reports state that a sale would help Gland's Chinese owner raise cash as the once-acquisitive group seeks to shore up its balance sheet.

Fosun International has been exploring options for a number of assets, including French resort operator Club Med and some domestic food and beverage operations, according to Bloomberg.

Fosun Pharma had acquired a 74% stake in Gland Pharma for about US$1.1 billion (bn) in 2017.

In 2022 so far, Gland Pharma shares have remained under pressure, eroding over half of its marketcap.

Gland Pharma is a debt free company from the midcap space.

Why FMCG Stocks are Rising

Moving on to news from the FMCG sector, share price of fast moving consumer goods (FMCG) companies surged today and were in high demand.

The Nifty FMCG index and the BSE FMCG index gained around 2% in intraday trade. This on the hopes of volume recovery on the back of a recovery in rural demand.

Industry experts have pointed for normal monsoons, good harvest & increase in MSP, which will drive demand in rural markets in the near term.

Among individual stocks, Dabur share price surged 6%. Among the best FMCG stocks, Emami and HUL surged over 3%.

Laurus Labs Under Pressure Amid Margin Concerns

Moving on, share price of Laurus Labs fell over 7% today as investors weighed in margin concerns.

For the most recent September 2022 quarter, the company's revenues fell primarily due to softening demand and excess inventory which led to depressed pricing.

The company missed the revenue and profit expectations.

For the second half of the financial year 2023, Laurus Labs expects to deliver stable EBITDA margins of 30%.

To know more, check out our editorial on why Laurus Labs share price is falling.

Why Cosmo First share price is Rising

Cosmo First (formerly Cosmo Films) rose over 8% today after the company announced that its board will meet on Thursday, 1 December to consider share buyback proposal.

With today's rally, the stock has now gained 17% in just two sessions.

In this market, investors are again on the lookout for cash rich companies which are resorting to either big dividend payments or big buybacks or both. This, in the hope they will continue to receive steady income, if not capital gains.

Along with Cosmo First, another company which has declared buyback recently is IEX.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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