Key barometers hit fresh intraday high; FMCG stocks edged higher

The key equity indices regained upward momentum and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,050 level. FMCG stocks witnessed decent buying demand.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 432.03 points or 0.75% to 57,959.13. The Nifty 50 index advanced 132.05 points or 0.78% to 17,077.10.

In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index slipped 0.98%.

The market breadth was weak. On the BSE, 1,005 shares rose, and 2,557 shares fell. A total of 151 shares were unchanged.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022-2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose to 7.323 from 7.318 previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.35, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.44% to Rs 59,014.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.06.

The United States 10-year bond yield advanced 1.44% to 3.427.

In the commodities market, Brent crude for May 2023 settlement was up 43 cents or 0.57% to $75.42 a barrel.

Buzzing Index:

The Nifty FMCG index advanced 0.60% to 45,332. The index had lost 0.46% in past trading session.

Dabur India (up 1.48%), Marico (up 0.97%), ITC (up 0.81%), Hindustan Unilever (up 0.63%) and Varun Beverages (up 0.59%), Nestle India (up 0.56%), Godrej Consumer Products (up 0.39%), Britannia Industries (up 0.36%) and Colgate-Palmolive (India) (up 0.34%)advanced .

On the other hand, Emami (down 2.28%), United Spirits (down 1.22%) and United Breweries (down 0.68%) declined.

Stocks in Spotlight:

FDC rose 0.22%. The pharma company said that the US drug regulator successfully completed its inspection at its Raigad active pharmaceutical ingredients (API) facility with no observations.

Arvind SmartSpaces added 0.87%. The company sold out the entire launched inventory of 2nd phase of its residential plotted development project, Arvind Greatlands in Devanahalli, Bengaluru, within 7 hours of launch. It consisted of more than 150 units valued at more than Rs 100 crore.

ISGEC Heavy Engineering advanced 0.58%. The company received order worth Rs 197.25 crore from Maharashtra State Power Generation (MAHAGENCO) for renovation of electrostatic precipitators (ESPs) at Chandrapur thermal power, Maharashtra.

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