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Indices trim gains, breadth positive, FMCG stocks advance

Published on Sep 09, 2022 11:29

The benchmark indices pared gains in the mid morning trade. The Nifty traded above the 17,850 mark. FMCG shares extended gains for the third consecutive trading session. Tracking positive global cues, investors digested hawkish remarks from Fed policymakers and the European Central Bank`s largest-ever hike in its key interest rate.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 223.03 points or 0.37% to 59,911.25 . The Nifty 50 index gained 76.85 points or 0.43% to 17,875.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was positive. On the BSE, 1,862 shares rose and 1,406 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.95% to 44,203.85, extending its gaining streak for the third session. The index added 1.55% in three trading sessions.

Radico Khaitan (up 2.58%), Hindustan Unilever (up 2.52%), United Spirits (up 0.8%), Dabur India (up 0.74%), Godrej Consumer Products (up 0.7%), Nestle India (up 0.67%), ITC (up 0.58%), Marico (up 0.58%), Britannia Industries (up 0.41%) and Colgate-Palmolive (India) (up 0.37%) advanced.

Stocks in Spotlight:

Vodafone Idea (VIL) rose 0.31% after the media reported that the government will acquire a stake in debt-ridden telecom firm after the company`s stock price stabilises at Rs 10 or above. According to the media reports, VIL board has offered a stake to the government at a par value of Rs 10 per share. The finance ministry had cleared the proposal to acquire stake in VIL in July. VIL shares are trading below Rs 10 since 19 April 2022.

Zydus Lifesciences gained 1.08% after the company said it has acquired the rights to market MonoFerric injections in India and Nepal from Denmark`s Pharmacosmos A/S. MonoFerric, iron isomaltoside 1000 solution for injection or infusion is a rapid single dose IV iron which reduces the number of infusions required to achieve iron correction safely. Mono Ferric is available in over 30 countries, including US and Europe. Over 28 million doses have been administered since launch.

Life Insurance Corporation of India (LIC) added 0.31%. LIC disclosed that it decreased its stake in Century Enka from 5.494% to 3.452% earlier. LIC sold 4,46,125‬ shares, or more than 2% equity, at an average cost of Rs 333.90 via open market sale during the period from 22 November 2019 to 7 September 2022.

Global Markets:

Asian stocks traded higher as investors digested Federal Reserve Chair Jerome Powell`s latest comments as he vowed to raise rates to tackle inflation �until the job is done.�

China`s consumer inflation came in at 2.5% in August, lower than the 2.7% recorded in July.

US stocks rose Thursday after moving between gains and losses as Wall Street weighed Federal Reserve Chair Jerome Powell`s comments on the central bank continuing to fight inflation.

Powell reiterated that the central bank will do what it takes to fight inflation. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon.

The European Central Bank Thursday hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation.

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