Web Analytics Business News This Week Tech, FMCG, Capital Goods Stock pushed Nifty above 5050 | Business News This Week

Aug 17, 2011

Tech, FMCG, Capital Goods Stock pushed Nifty above 5050

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On Wednesday, Nifty closed at 5056.60 points in green with 20.80 points up or 0.41 per cent snapping the three days losing steak.

The Tech, Fast moving consumer goods (FMCG), Capital Goods stocks were traded up on Wednesday on broader index, Nifty. That helped the Nifty to close in green with 20 points up. FMCG companies have seen a good trading session on Wednesday.

On the flip side, rate hike concerns weigh high on the stocks related to auto and banks, leading to selling pressure on Nifty.

The Bombay Stock Exchange's Sensex closed at 16840.80 points gaining 109.86 points or 0.66 per cent. In the intraday trading, the 30-share index touched low of 16708.98 points and high of 17000.38 points.

Investors were worried as RBI may hike the interest rate again during its mid-review on September 16, as the headline inflation for the July pegged at 9.22 per cent from 9.44 per cent reported in June.

Though the inflation is moderated but still its stood at more than the comfort label and around 9 per cent, which could be adverse for the economy.


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