Consumer discretionary index hits all-time high; analysts see more upside business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Read more about Consumer goods shares gain on Business Standard. Consumer goods stocks were trading in the positive zone, with the S&P BSE Consumer Discretionary Goods & Services index rising 29.17 points or 0.6% at 4876.85 at 09:49 IST.
Read more about BSE Consumer Discretionary index hits new high; Shalimar Paints surges 17% on Business Standard. Mahindra Holidays & Resorts, Lux Industries, Dish TV India and Borosil rallied more than 10 per cent on the BSE in intra-day trade
Benchmark indices snapped the sideways movement, logged over the past two days, and reclaimed crucial psychological levels last seen on March 10 as market participants continued to look at a sharp rebound in the economic activity once Covid-19 restrictions begin to ease. Besides, a rally in global markets as a host of central bank policymakers pledged to keep monetary policy loose despite recent signs of an uptick in inflation pulled investors towards riskier asset classes. Recently, US Federal Reserve officials had reaffirmed a dovish monetary policy stance, assuaging concerns over rising inflation. Now, the European Central Bank policymakers have said that it may be too early to discuss tapering of emergency bond purchases.
Consumer goods stocks were trading with gains, with the S&P BSE Consumer Discretionary Goods & Services index rising 30.43 points or 0.67% at 4584.81 at 09:49 IST. Among the components of the S&P BSE Consumer Discretionary Goods & Services index, Borosil Renewables Ltd (up 9.4%), Asian Paints Ltd (up 9.11%),Shalimar Paints Ltd (up 6.21%),Borosil Ltd (up 6.07%),Kirloskar Oil Engines Ltd (up 4.58%), were the top gainers. Among the other gainers were Zee Media Corporation Ltd (up 4.55%), Relaxo Footwears Ltd (up 3.76%), Berger Paints India Ltd (up 3.76%), Asian Granito India Ltd (up 3.43%), and Future Enterprises-DVR (up 3.28%). On the other hand, Vaibhav Global Ltd (down 4.23%), Tube Investments of India Ltd (down 3.37%), and Apollo Tyres Ltd (down 3.14%) moved lower.