Sensex, Nifty continue to rally; Oil, IT, FMCG support

The market is still rallying with support from oil, IT and FMCG stocks. The Sensex is up 149.84 points or 0.5 percent at 27265.67, and the Nifty up 34.05 points or 0.4 percent at 8208.65.About 1246 shares have advanced, 1151 shares declined, and 195 shares are unchanged. M&M, HDFC, Wipro, ONGC and Hindalco are top gainers in the Sensex. Among the losers are Tata Motors, BHEL, GAIL, HUL and HDFC Bank. Drug firm Dr Reddy’s Laboratories said it has completed the acquisition of select portfolio of established brands of Belgian firm UCB in India. "...with regard to acquisition of select portfolio of the established products business of UCB in India, Dr Reddy's Laboratories Ltd...has concluded the transaction," the company said in a filing to the BSE. On April 1, the drug firm had said that it would acquire select portfolio of established brands of UCB in India, Nepal, Sri Lanka and Maldives for Rs 800 crore.
On the sectoral front, barring BSE Power, Consumer Durables and Realty indices all other indices ended  in the positive territory with BSE Oil & Gas, IT, Healthcare, FMCG, Teck indices closing higher up to 1%.
Shares of M&M surged over 4% as the tractor sales are expected to see growth on the back of bountiful rains. Following the tandem, some of the notable auto stocks which gained across the exchange. Hero Motocorp, Maruti Suzuki and Bajaj Auto closed higher between 0.5-2%.
A smart rally in the IT stocks was evident in today’s trade after Nasdaq hit record highs, a day after the Federal Reserve indicated it would raise the interest rates slowly. TCS, Wipro, Mastek, HCL Tech, Tech Mahindra ended higher between 0.5-3%.
Tata Steel ended with marginal gains on reports stating that the company is likely to set up a new company, Tata Steel SEZ in the Special Economic Zone in Odisha.
Shares of Aditya Birla-led Hindalco closed 0.5% higher after the state-run Life Insurance Corporation (LIC) increased its stake in the company to over 13%.
Shares of DB Realty surged 6% after the company signed a Joint Venture (JV) with ECC and Konark to develop residential project namely DB Skypark in Mumbai.
Sun TV Network shares jumped 8% on reports that the Supreme Court attorney general has approved security clearance to Sun TV Network.

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