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Nifty below 17,050; FMCG shares edge lower

Published on Mar 22, 2022 10:26

The key equity benchmarks declined further and hit fresh intraday low in morning trade. The Nifty was trading below the 17,050 mark. FMCG shares declined for the second day in a row.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 251.43 points or 0.44% to 57,041.06. The Nifty 50 index lost 76 points or 0.44% to 17,041.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.99% while the S&P BSE Small-Cap index declined 0.39%.

The market breadth was negative. On the BSE, 1237 shares rose and 1816 shares fell. A total of 129 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 1.98% to 35,432.15. The index has declined 3.67% in two sessions.

Hindustan Unilever (down 3.96%), Godrej Consumer (down 3.46%), Marico (down 3.12%), Dabur India (down 3%), Nestle India (down 2.73%), Britannia Industries (down 2.56%), United Breweries (down 2.75%), Radico Khaitan (down 2.26%), Colgate-Palmolive India (down 2.25%), Emami (down 2.02%), Tata Consumer Products (down 1.78%) and United Spirits (down 1.54%) declined.

Stocks in Spotlight:

REC shed 0.52% to Rs 124. The board of REC in its meeting held on 21 March 2022, approved the market borrowing programme under different debt segments for the financial year 2022-23. The total borrowing plan approved by the board is for Rs 85,000 crore for 2022-23.

Equitas Small Finance Bank added 2.17% to Rs 54.15. The board and the committee of independent directors, has approved a scheme of amalgamation between Equitas Holdings (EHL / transferor company) and Equitas Small Finance Bank (ESFBL / transferee company) and their respective shareholders (scheme). The scheme contemplates the amalgamation of transferor company into and with the transferee company and the dissolution without winding-up of the transferor company pursuant thereto.

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