Sensex hits 6-week high; rises 117 points led by HUL
FMCG major Hindustan Unilever (HUL) surged nearly 19 per cent, after the company's foreign parent Unilever PLC offered to acquire 48.70 crore shares.
Mumbai: The BSE benchmark Sensex on Tuesday rose 117 points to close at a six-week high of 19,504.18 on funds buying in blue chips led by FMCG stocks such as Hindustan Unilever after its parent company Unilever Plc announces open offer to hike stake in its Indian arm to 75 per cent.
The Sensex rose by 116.68 points, or 0.60 per cent, to 19,504.18, a level last seen on March 15. The index had gained 101 points in the previous session. The gauge had touched the day's high of 19,622.68 and a low of 19,317.38 as investors continued to shift their portfolios in fundamentally strong stocks.
Similarly, the National Stock Exchange index shuttled between 5,962.30 and 5,867.80 before ending with a gain of 26.10 points, or 0.44 per cent, to 5,930.20. The stock of Hindustan Unilever remained a star performer by surging 17.28 per cent to Rs 583.60 after Anglo-Dutch consumer goods giant Unilever Plc said it will spend USD 5.4 billion (over Rs 29,380 crore) to hike stake in its Indian arm to 75 per cent through an open offer.
In 30-BSE index-components, 18 stocks gained led by ICICI Bank, Mahindra and Mahindra, Sun Pharma, Infosys, Coal India, BHEL and Dr Reddy's Lab. The FMCG sector gained the most by 4.65 per cent to 6,548.52 backed by HUL and metal index was second best performer by adding 0.96 per cent to 8,651.05 as copper maker Sterlite Industries rose by 4.03 per cent to Rs 95.45 after reporting higher quarter earnings.
Trading sentiment partly influenced as investors expecting an interest rate cut in the Reserve Bank of India's monetary policy on May 3.