Scaling a new peak, the total investor wealth in Indian stock market today hit a record high of Rs 100 trillion, marking a jump of ten times in little over a decade.

Measured in terms of total market capitalisation of all listed companies on the country’s biggest bourse BSE, the overall investor wealth in the Indian stock market rose to Rs 100.01 lakh crore in early morning trade at 1005 hours as benchmark Sensex soared by over 300 points in its continuing record rally.

Markets rebounded from their day's lows in late noon trades following a recovery in select financials and capital goods shares while FMCG major ITC continues to lead gains.

At 2:15PM, the 30-share Sensex was up 70 points at 28,407 and the 50-share Nifty was up 19 points at 8,482.

If there was one outlier in the fast moving consumer goods, or FMCG, universe in the last few years, it was ITC. When most FMCG companies started to feel the chill of a slowdown as high inflation cut into consumers' spending power, the Kolkata-based maker of Vivel soaps and Bingo snacks continued to maintain steady revenue growth of 25-30 per cent a quarter.

Benchmark indices are trading in a tight range with Sensex and Nifty swinging between negative and positive zone. After touching record highs in the opening trades, markets slipped on account of profit booking at higher levels.

By 10:25, the Sensex was lower by 3 points at 28,160 mark whereas the Nifty dipped 8 points at 8,418 levels.

Benchmark indices have come off day’s high and are trading in a narrow range amid positive bias with Sensex and Nifty hovering around 27,900 mark and 8,350 levels, respectively.

Index heavyweight shares like ITC and Infosys are trading lower on account of profit taking whereas rate sensitive shares are witnessing some buying demand.

India’s second largest fund house, ICICI Prudential AMC, has emerged as the front runner for managing the exchange-traded fund (ETF) the government plans to float for disinvesting part of its holdings under the Specified Undertaking of Unit Trust of India (Suuti).

It had bid to manage Suuti's corpus for 13 basis points (0.13 per cent of the total assets under management). The government had bids from seven asset management companies to act as manager to the ETF. These were Reliance Mutual Fund, Birla Sun Life MF, Kotak MF, SBI MF, ICICI Prudential AMC, UTI MF and Sundaram MF in a consortium with Edelweiss MF.

Shares of the country’s largest cigarette maker ITC is trading higher by 3% at Rs 367 on National Stock Exchange (NSE) in otherwise subdued market on back of heavy volumes.

The stock opened at Rs 356 and touched a high of Rs 368 on NSE so ar. At 1149 hours, a combined 9.12 million shares changed hands against an average sub 6 million shares that were traded daily in past two weeks on NSE and BSE.

MUMBAI: At any gathering of brokers, analysts and investors, a major part of the conversation currently revolves around the new government and its policies. Thursday evening's Muhurat trading session at P J Towers, the headquarters of BSE in south Mumbai, which saw the sensex closing 64 points higher at 26,851, was no different.

Markets continued to trade flat with negativc bias weighed down by profit taking in IT majors after recent gains post upbeat earnings from Infosys and index heavyweight ITC.

At 10:30AM, the 30-share Sensex was down 42 points at 26,342 and the 50-share Nifty was down 17 points at 7,868.

Realty major DLF, engineering behemoth Larsen and Toubro (L&T) and FMCG (fast moving consumer goods) giant ITC are among the eight ‘conviction ideas’ of Goldman Sachs according to a September 2014 report.

Grasim Industries, IndusInd Bank, Petronet LNG, Voltas and Tech Mahindra are other stocks in this list, where the upside from closing price levels of September 4, 2014 over the next 12 months could range between 1.4 and 74.5 per cent, the report says.

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