FMCG, durables, oil firms lead as Sensex surges 200 points

The BSE Sensex gained over 200 points in morning trade today, led by gains in consumer durables, banks, FMCG (fast moving consumer goods), and oil & gas. The broader-based Nifty of the National Stock Exchange also managed to regain its key psychological level of 5500.

Asian shares as a whole climbed to a two-week high today, and the Australian dollar and copper gained, as China said its manufacturing expanded in August at the fastest pace in more than a year.

Indian Oil Corp, Hindustan Petrol Corp Ltd (HPCL), and Bharat Petroleum (BPCL) rallied over 1 per cent each in opening trade after state-run companies hiked petrol prices by a steep Rs2.35 per litre, and diesel by 50 paise per litre, on Sunday due to a falling rupee and firming international oil prices.

The Indian rupee opened lower, tracking weakness in the offshore non-deliverable forward markets. The partially convertible rupee was trading at 65.87/88 per dollar as compared to its previous close of 65.70/71.

The BSE Midcap Index was up 0.84 per cent and the Smallcap Index edged higher by 0.57 per cent.

Among the sectoral indices, the BSE FMCG Index was up 1.8 per cent, followed by the Banking Index which gained by 1.5 per cent, the Consumer Durable Index which rallied 1.4 per cent and the Metal Index, which was trading 1.3 per cent higher.

The Auto Index was the only sectoral loser, down 0.5 per cent.