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Nifty above 10,550 mark; ITC, Dabur stocks lead

Benchmark equity indices extended gains and hit fresh intraday high in the afternoon trade. The stock market turned volatile in the morning trade but it regained after hitting intraday lows.

At 12:28 PM, the BSE Sensex was trading at 34,477, up 81 points, while the Nifty50 index was trading at 10,572, up 24 points.

The BSE Midcap and the BSE Smallcap indices were up by 0.29% and 0.22%, respectively.

FMCG stocks gained. Dabur India shares climbed as much as 2.8% to Rs353.6, their highest since February 2.

Godrej Consumer Products (up 3.28%), Dabur India (up 2.53%), Britannia Industries (up 0.28%), GlaxoSmithkline Consumer Healthcare (up 0.42%), Hindustan Unilever (up 0.3%), Marico (up 0.03%), Nestle India (up 0.55%), Tata Global Beverages (up 0.68%), Procter & Gamble Hygiene and Health Care (up 0.04%) and Bajaj Corp (up 1.49%) rose. Jyothy Laboratories (down 0.62%) and Colgate-Palmolive (India) (down 0.2%) fell.

Amtek Auto will sell all equity and preference shares held in its Joint Venture (JV) SMI Amtek Crankshafts Private Limited (SMIAC) to Nippon Steel and Sumitomo Metal Corporation (NSSMC). SMIAC will cease to be a JV of AAL post the stake sale. The stock is trading lower by 3%.

Shares of ICICI Bank erased early gains in the morning trade following a block deal where about 20 lakh shares changed hands.

Volatility index India VIX was down 1.81% at 14.7875.

ITC (+3.8%), Zee (+2.3%), Wipro (+1.7%), UltraTech (+1.7%) and Vedanta (+1.6%) were the top gainers on the NSE.

HPCL (-2.5%), HCL Tech (-1.4%), Titan (-1.3%), Tech Mahindra (-1%) and BPCL (-1%) were the top losers on the NSE.

Out of 2,043 stocks traded on the NSE, 894 advanced, 781 declined and 368 remained unchanged today.

A total of 39 stocks registered a fresh 52-week high in trade today, while 26 stocks touched a new 52-week low on the NSE.

The rupee weakened by 14 paise, nearing a fresh seven-month low of 65.78 against the US dollar at the interbank forex market today on fresh demand for the greenback from importers and banks.