Nifty below 17,050; FMCG shares edge lower

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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