Broader markets pare most losses; FMCG shares rise for 2nd day
Published on Apr 17, 2023 11:27
The domestic equity barometers traded with deep cuts in mid-morning trade. The Nifty continued to trade below the 17,650 level. FMCG shares witnessed buying demand for second consecutive session.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 738.09 points or 1.22% to 59,692.91. The Nifty 50 index lost 179.45 points or 1.01% to 17,648.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index declined 0.04%.
The market breadth was negative. On the BSE, 1560 shares rose and 1816 shares fell. A total of 155 shares were unchanged.
Disappointing performance by domestic IT gains Infosys (down 10.78%) coupled with the prospect of more rate hikes by major central banks and a global economic slowdown dented the domestic investor sentiment.
The Nifty FMCG index rose 1.15% to 46,745.20. The index has gained 1.37% in two sessions.
Nestle India (up 3.25%), United Breweries (up 1.82%), Britannia Industries (up 1.78%), Hindustan Unilever (up 1.37%) and Colgate-Palmolive (India) (up 1.2%) were the top gainers.
Among the other gainers were ITC (up 1.18%), Godrej Consumer Products (up 1.1%), Procter & Gamble Hygiene and Health Care (up 0.72%), Marico (up 0.57%) and Radico Khaitan (up 0.49%).
On the other hand, Dabur India (down 0.98%), Tata Consumer Products (down 0.5%) and United Spirits (down 0.11%) moved lower.
Stocks in Spotlight:
HCL Technologies fell 2.81%. Anand Birje, head of Digital Business Services, resigned from the company to pursue another opportunity.
Max Healthcare shed 0.97%. The company completed the acquisition of an additional 34,000 shares of Eqova Healthcare for Rs 68.87 crore, taking its shareholding from 26% to 60%.
Muthoot Finance rose 0.51%. The NBFC has announced the completion the pre-payment of external commercial borrowings to the tune of $225 million on 13 April 2023.
Adani Green Energy (AGEL) added 1.57%. AGEL said its sale of energy for solar portfolio increased by 6% YoY at 2,872 million units in Q4 FY23 as against 2,717 million units in Q4 FY22.
Asian stocks traded mostly lower on Monday, as U.S. earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world`s second-largest economy is recovering.
Chinese data on retail sales, industrial output and gross domestic product are due on Tuesday.
Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Federal Reserve interest rate hike, dampening investor enthusiasm after a series of big US bank earnings launched first-quarter reporting season.
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