Nifty above 17,150 level; FMCG shares advance; VIX slides 4%

The frontline indices traded with minor gains in early-afternoon trade. The Nifty traded above the 17,150 level. FMCG index witnessed buying demand for two consecutive sessions. Trading was volatile due to expiry of weekly index options on the NSE.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 40.37 points or 0.07% to 58,254.96. The Nifty 50 index added 10.70 points or 0.06% to 17,162.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.35% while the S&P BSE Small-Cap index gained 0.10%.

The market breadth was negative. On the BSE, 1,655 shares rose and 1,679 shares fell. A total of 154 shares were unchanged.

The US Fed hiked rates by 25 basis points, which is in line with the market expectations amid turmoil in the US banking sector.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 4.05% to 14.2075. The Nifty 29 March 2023 futures were trading at 17,189.80, at a premium of 27.2 points as compared with the spot at 17,162.60.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 47.5 lakh contracts at the 17,100 strike price. Maximum Put OI of 69.4 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty FMCG index advanced 0.60% to 45,381.05. The index rose 1.04% in past two trading sessions.

Nestle India (up 1.36%), ITC (up 1.13%), Hindustan Unilever (up 0.7%), Radico Khaitan (up 0.48%) and Colgate-Palmolive (India) (up 0.43%), Dabur India (up 0.24%), Tata Consumer Products (up 0.19%), Godrej Consumer Products (up 0.17%) advanced.

On the other hand, Marico (down 1.16%), Emami (down 0.78%) and United Breweries (down 0.76%) declined.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 0.73% after the company entered into an electrolyzer manufacturing binding agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging green hydrogen market.

Hero MotoCorp added 0.38% after the company announced that it will increase the ex-showroom prices of its select motorcycles and scooters, effective from 1 April 2023. The price revision will be around 2% and the exact quantum of increase will vary by specific models and markets.

Nazara Technologies advanced 1.59% after Absolute Sports, the parent company of Sportskeeda announced that it has signed definitive agreements, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States` most watched sport) and college football. Absolute Sports (Sportskeeda) is a subsidiary of Nazara Technologies.

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