Benchmarks turn range bound; FMCG shares slide

The key equity indices continued to trade with moderate gains in early afternoon trade. The Nifty hovered above the 21,300 level. FMCG stocks declined after gaining in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 494.29 points or 0.70% to 71,008.49. The Nifty 50 index advanced 146.45 points or 0.69% to 21,329.15.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index gained 0.77%.

The market breadth was positive. On the BSE, 2,021 shares rose and 1,634 shares fell. A total of 139 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.42% to 12.50. The Nifty 28 December 2023 futures were trading at 21,419.70, at a premium of 90.55 points as compared with the spot at 21,329.15.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 30.8 lakh contracts at the 21,000 strike price. Maximum Put OI of 53.8 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty FMCG index declined 0.48% to 54,098.40. The index advanced 0.97% in past two trading sessions.

Nestle India Ltd (down 1.97%), Britannia Industries Ltd (down 1.16%), Radico Khaitan Ltd (down 1.08%), ITC Ltd (down 0.77%), Godrej Consumer Products Ltd (down 0.54%), Dabur India Ltd (down 0.47%), Marico Ltd (down 0.43%), United Breweries Ltd (down 0.33%), Hindustan Unilever Ltd (down 0.19%) and United Spirits Ltd (down 0.02%) slipped.

Stocks in Spotlight:

Genus Power Infrastructures was locked in an upper circuit of 5% after the company announced that its wholly owned subsidiary received a letter of award (LoA) valuing at Rs 1,026.31 crore.

Titan Company shed 0.05%. The company informed that its wholly owned subsidiary, TCL North America Inc (TCL NA) has signed a series seed stock purchase agreement (SPA) to acquire 10% holding in CueZen, Inc (CueZen).

Hero MotoCorp rose 0.62%. The firm said that its board has approved purchase of additional shares of Ather Energy, an associate company, from an existing shareholder. Ather Energy is engaged in the business of designing, manufacturing, selling, servicing electric two wheelers.

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