Pharma, FMCG stocks lead Nifty gains

Mumbai, Sep 5 (IANS) Most of the sectoral indices were in the green on Tuesday with Nifty Pharma and Nifty FMCG leading the way with gains of 1.10 per cent and 0.74 per cent, respectively, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

The Nifty 50 index gained 46 points to end at 19,574 on Tuesday, while the S&P BSE Sensex advanced 150 points to close at 65,780.

Rail Vikas Nigam Ltd (RVNL) was up by 1.52 per cent after the company’s joint venture emerged as the lowest bidder for a railway project worth Rs 174 crore. On Monday also, the company had announced that it has bagged orders worth Rs 604.19 crore from the Madhya Gujarat Vij Company, Vidwani said.

Apollo Hospitals, Coal India, Sun Pharma, BPCL and Bajaj Auto were among the top gainers, while the losers included UltraTech Cement, SBI Life Insurance, Dr Reddy's Laboratories, Maruti Suzuki and Eicher Motors.

Rupak De, Senior Technical analyst at LKP Securities, said Nifty has sustained a breakout from a descending channel on the daily chart. The trend will remain favorable as long as the bulls can maintain Nifty above 19,440.

A "buy on dips" strategy should be the preferred approach until Nifty falls below 19,440. Resistance on the upper end is positioned at 19,600, and if breached, the index could potentially move higher.

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