Indices turn rangebound; FMCG stocks rise

The headline equity benchmarks traded in a narrow range with minor gains in the mid-afternoon trade. The Nifty hovered above the 22,500 level. FMCG shares extended gains for the second consecutive trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 89.89 points or 0.012% to 74,175.88. The Nifty 50 index rose 38.90 points or 0.17% to 22,514.10.

The Nifty and the Sensex hit all-time highs in afternoon trade at 22,525.65 and 74,245.17, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index gained 0.89%.

The market breadth was positive. On the BSE, 2,214 shares rose and 1,571 shares fell. A total of 108 shares were unchanged.

The domestic market will remain closed on 8 March 2024 on account of Mahashivratri.

Economy:

India`s GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.

Buzzing Index:

The Nifty FMCG index rose 0.85% to 54,340.10. The index gained 1.28% in the two trading sessions.

Radico Khaitan (up 3.88%), Tata Consumer Products (up 2.59%), Marico (up 1.83%), ITC (up 1.4%) and Hindustan Unilever (up 0.82%) were the top gainers. Among the other gainers were Nestle India (up 0.58%), Dabur India (up 0.56%), Colgate-Palmolive (India) (up 0.53%), Procter & Gamble Hygiene and Health Care (up 0.02%).

On the other hand, Varun Beverages (down 0.85%), United Breweries (down 0.83%) and Godrej Consumer Products (down 0.48%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.31% to 7.032 as compared with the previous close of 7.054.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7850, compared with its close of 82.8300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.42% to Rs 65,451.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, shed 0.13% to 103.24.

The United States 10-year bond yield rose 0.12% to 4.111.

In the commodities market, Brent crude for April 2024 settlement lost 27 cents or 0.33% to $82.69 a barrel.

Stocks in spotlight:

Zydus Lifesciences added 1.22% after the firm informed that its Ahmedabad API facility has been allowed to commercially manufacture and supply the API (active pharmaceutical ingredient) by the US drug regulator.

Wardwizard Innovations & Mobility gained 2.49% after the company announced that it has dispatched 2,018 units of electric two-wheelers in February 2024, an increase of 112% as compared with the same period last year.

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