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Indices turn rangebound; FMCG shares declines for 2nd day

Published on Mar 19, 2024 11:32

The domestic benchmarks traded in a narrow range in mid-morning trade. The Nifty traded below the 22,000 level. FMCG shares extended losses for the second consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 566.06 points or 0.78% to 72,190.72. The Nifty 50 index lost 1901.80 points or 0.87% to 21,864.90.

In the broader market, the S&P BSE Mid-Cap index slipped 1.21% and the S&P BSE Small-Cap index shed 0.78%.

The market breadth was weak. On the BSE, 1,265 shares rose and 2,313 shares fell. A total of 137 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 1.69% 52,998.05. The index slipped 2.14% in the past two trading sessions.

Nestle India (down 3.28%), Colgate-Palmolive (India) (down 3%), Godrej Consumer Products (down 2.86%), United Breweries (down 2.22%), United Spirits (down 2.14%), Britannia Industries (down 2.08%), Tata Consumer Products (down 1.96%), Marico (down 1.92%), Hindustan Unilever (down 1.7%) and Varun Beverages (down 1.57%) declined.

Stocks in Spotlight:

IOL Chemical & Pharmaceuticals surged 12.37% after Brazilian Health Regulatory Agency (ANVISA) has successfully completed the GMP audit of the company�s 10 APIs manufacturing units situated at Barnala, Punjab.

Inox Green Energy Services (IGESL) declined 2.78%. The company has announced that its subsidiary, I-Fox Windtechnik India received letter of award (LoA) from NLC India (NLCIL) for restoration of 33 wind turbine generators (WTGs) worth Rs 39.5 crore.

Global Markets:

Asian stocks traded mixed as investors await cues from various central bank decisions over the week. Japan�s central bank raised its benchmark interest rate, the short term rate was raised to a range of 0% to 0.1% from -0.1%. It�s the first rate hike since February 2007.

Australia�s central bank will also announce its rates policy on Tuesday and is widely expected to hold rates.

Wall Street`s main indexes closed higher on Monday, as tech companies gained, while investors awaited monetary policy guidance from the Federal Reserve. Investors will be watching insights on the U.S. central bank`s future rate trajectory.

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