Indices trade with minor cuts, VIX slips 2.11%, FMCG shares in demand

The headline equity indices traded in a narrow range with limited losses in early afternoon trade. The Nifty hovered below the 21,750 mark. FMCG shares rallied for the sixth day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 136.80 points or 0.19% to 72,273.58. The Nifty 50 index lost 50.45 points or 0.23% to 21,728.25.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.39% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was positive. On the BSE, 1,950 shares rose and 1,692 shares fell. A total of 161 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 2.11% to 14.82. The Nifty 25 January 2024 futures were trading at 21,926.50, at a premium of 198.25 points as compared with the spot at 21,728.25.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 25.7 lakh contracts at the 22,000 strike price. Maximum Put OI of 35.3 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty FMCG gained 0.82% to 56,967.60. The index rallied 4.34% in six trading sessions.

Emami (up 4.84%), Tata Consumer Products (up 3.49%), Dabur India (up 2.93%), Godrej Consumer Products (up 2.13%), Procter & Gamble Hygiene and Health Care (up 1.84%), Radico Khaitan (up 1.25%), United Breweries (up 1.1%), Hindustan Unilever (up 0.94%), Marico (up 0.81%) and Nestle India (up 0.77%) edged higher.

On the other hand, Colgate-Palmolive (India) (down 0.78%), Varun Beverages (down 0.2%) and ITC (down 0.06%) declined.

Stocks in Spotlight:

Thermax added 0.75%. The company announced that it has completed transfer of lease hold rights of vacant plot situated at MIDC Industrial Area Chinchwad, Pune. The lease of the land, admeasuring 57482 square meters, has been transferred for a consideration of Rs 135.66 crore.

Swan Energy gained 0.93%. The firm said that its board has approved a proposal to raise funds through issuance of instruments or security including equity shares or any other eligible securities for an amount not exceeding Rs 4,000 crore.

Techno Electric & Engineering added 1.87% after the company received various orders aggregating to Rs 1,750 crore.

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