Sensex jumps 267 points, FMCG sector leads rally

Mumbai, May 22: Indian equity indices were up on Wednesday following a rally in the FMCG Sector.

Sensex was up 267 points or 0.36 per cent at 74,221 points and Nifty was up 68 points or 0.31 per cent at 22,597 points.

In Wednesday's session, Midcap and smallcap stocks saw mixed trends. Nifty midcap was up 99 points or 0.19 per cent at 52,167 points and the Nifty smallcap was down 59 points or 0.35 per cent at 16,880 points.

21 out of the 30 Sensex stocks closed in red.

HUL, RIL, Infosys, Asian paints and ITC were major gainers. SBI, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors were major losers.

Among the sector indices, the Nifty FMCG Index was the top gainer. Pharma, IT, Realty, Media, and Energy were other major gainers. Auto, PSU Bank, Metal, and Pvt Bank were major losers.

Rupak De, Senior Technical Analyst, LKP Securities said: "Nifty continues to trend bullishly, finding support at 22500. The index has been moving higher within a rising channel. The trend is likely to remain strong as long as it stays above 22500."

"On the higher end, the index might move towards 22800 in the short term, with immediate support at 22600. A dip below 22600 might briefly take the index towards 22500," he added.