Key equity indices edge lower as FMCG stocks tumble; market breadth even

The domestic equity benchmarks tumbled in early trade as significant selling prevailed in key index pivotals. The Nifty managed to trade above the 20,850 level. FMCG, banks and financial shares declined while pharma, healthcare and oil & gas stocks managed to trade in the green.

At 09:28 AM IST, the barometer index, the S&P BSE Sensex, was down 314.68 points or 0.45% to 69,339.05. The Nifty 50 index lost 83.65 points or 0.4% to 20,854.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index declined 0.31%.

The market breadth was almost even. On the BSE, 1,414 shares rose, and 1,325 shares fell. A total of 112 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.03% to 7.246 as compared with previous close 7.248.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement declined 0.12% to Rs 62,363.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 104.17.

The United States 10-year bond yield advanced 0.64% to 4.145.

In the commodities market, brent crude for February 2024 settlement rose 38 cents or 0.51% to $74.68 a barrel.

Stocks in Spotlight:

Adani Ports and Special Economic Zone rose 1.95%. The meeting of the board of directors of the company will be held on 12 December 2023 to consider the proposal for issuance of Non-Convertible Debentures and issuance/ renewal of Non-cumulative redeemable preference shares, on private placement basis/ preferential basis, in one or more tranches.

Dr. Reddy�s Laboratories advanced 1.75%. The company`s wholly-owned subsidiary Dr. Reddy`s Laboratories SA and Coya Therapeutics, Inc., announced that they have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

IDFC First Bank fell 3.43%. Cloverdell Investment, an affiliate of global private equity firm Warburg Pincus, is reportedly likely to sell a 1.3% stake in IDFC First Bank through block deal. The deal size may be around $100 million, with a floor price of Rs 85.7 per share, as per reports.

Global Markets:

Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

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