Sensex and Nifty maintain upward trend as metal, IT, FMCG stocks soar

The 30-share Sensex of the Bombay Stock Exchange (BSE) and the National Stock Exchange (Nifty) were maintaining a positive upward outlook on Wednesday morning, with metals, IT, FMCG stocks soaring in terms of share value.

The Sensex is up 189.62 points or 0.7 percent at 28261.55 and the Nifty is up 53.65 points or 0.6 percent at 8570.55. About 1762 shares have advanced, 652 shares declined, and 117 shares are unchanged.

Several companies, including Tata Steel, Bajaj Auto, Vedanta, Infosys and Wipro are top gainers, while GAIL, Mahindra and Mahindra, the State Bank of India and ICICI Bank were among the losers in the Sensex.

Meanwhile, the Department of Industrial Policy and Promotion (DIPP) has revealed that Taiwan's Foxconn may set up about 10to 12 manufacturing units across India, apart from the units it already has.

In an exclusive interview to CNBC-TV18, DIPP Secretary Amitabh Kant said that the manufacturing units will be for varied sectors like solar, mobile hand-held sets.

Kant further told the channel that Foxconn has visited six to seven states to finalise locations for manufacturing units.

A statement issued by Adani Enterprises on Tuesday, said it was in discussions with Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, for a joint venture.

The company is the world's largest contract maker of electronic products and provides products to Apple, Blackberry, Xiaomi and Amazon.

The price of gold fell by 0.28 percent to Rs 24,605 per 10 grams in futures trade on Wednesday, as participants reduced their exposure.

Reports quoted analysts, as saying that this was due to a weak trend in the overseas markets following a possible rate hike by the US Federal Reserve, lifting dollar to a four-month high.

Globally, gold is trading at 0.3 percent down at USD 1,084.70 an ounce in Singapore on Wednesday.

The share value of Tata Steel jumped four percent in early trade on Wednesday, while Vedanta was trading at more than four percent. Hindalco Industries SHARES climbed over two percent in early trade.

Further updates are awaited.