Nifty closes up 26 points - LuvKush Finserve

Benchmark share indices ended higher, amid a volatile trading session, led by strong upmove in FMCG major HUL, following a stake hike by parent company, Unilever PLC. The Bombay Stock Exchange's Sensex closed at 19,504 up 117 points. The National Stock Exchange's S&P CNX Nifty closed up 26 points at 5,930.

On the sectoral front, BSE FMCG index surged by almost 5% followed by counters like Metal, Healthcare and IT, all gaining by 1% each. However, BSE Realty index declined by 1%. FMCG major Hindustan Unilever (HUL) surged over 17% to hit record high of Rs 585 after the company's foreign parent, Unilever PLC announced open offer to acquire 48.70 crore shares, or 22.52% stake in Hindustan Unilever at substantial premium to the ruling market price. The open offer to buy stake in HUL may start in June. Currently, the promoters held 52.48% stake in HUL. Foreign Institutional Investors (FIIs) held 22.11% stake, followed by individual shareholders (13.94%) and domestic institutional investors (8.06%), while the remaining 3.41% stake are with bodies corporate and others.

On the losing side, HDFC, HDFC Bank, Hindalco, L&T and Bajaj Auto fell between 1-2%. In the broader market, the mid-cap and small-cap indices ended mixed.

Source : Equity Bulls

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