NIFTY BELOW 19,500; FMCG SHARES SLIDE

The domestic equity indices traded with moderate losses in mid-afternoon trade. The Nifty traded below the 19,500 level. FMCG shares extended losses for the second consecutive trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 190.36 points or 0.29% to 65,497.82. The Nifty 50 index lost 65.08 points or 0.34% to 19,477.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.14% while the S&P BSE Small-Cap index shed 0.04%.

The market breadth was negative. On the BSE, 1,630 shares rose and 1,914 shares fell. A total of 148 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 0.81% to 51,309.80. The index dropped 1.72% in two trading sessions.

United Spirits (down 1.94%), Procter & Gamble Hygiene and Health Care (down 1.53%), Dabur India (down 1.4%), ITC (down 1.17%), Hindustan Unilever (down 1.17%), Radico Khaitan (down 1.06%), Tata Consumer Products (down 1.04%), Britannia Industries (down 1.04%), Godrej Consumer Products (down 0.41%) and Nestle India (down 0.38%) declined.

On the other hand, Varun Beverages (up 4.15%) ,Emami (up 1.17%) and United Breweries (up 0.12%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 0.52% to 7.191 from its previous close of 7.154.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8025, compared with its close of 82.6600 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement rose 0.16% to Rs 58,945.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.53.

The United States 10-year bond yield gained 0.17% to 4.092.

In the commodities market, Brent crude for October 2023 settlement advanced 1 cents or 0.01% to $86.41 a barrel.

Stocks in Spotlight:

Zydus Lifesciences fell 0.42%. The company reported 109.7% surge in net profit to Rs 1,086.9 crore in Q1 FY24 as compared with Rs 518.3 crore posted in Q1 FY23. Revenue from operations jumped 29.6% to Rs 5,139.6 crore during the quarter, was up 29.6% as compared with Rs 3,964.4 crore recorded in same quarter last year.

Container Corporation of India`s (CONCOR) declined 2.13% after the company`s consolidated net profit slipped 17.3% to Rs 245.56 crore in Q1 FY24 from Rs 297.08 crore in Q1 FY23. Revenue from operations fell 3.6% year on year to Rs 1,922.84 crore during the period under review.

Torrent Power tumbled 3.93%. The company reported 3% rise in consolidated net profit to Rs 517.27 crore in Q1 FY24 as against Rs 502.11 crore posted in Q1 FY23. Revenue from operations grew by 12.6% year on year to Rs 7,327.62 crore in the quarter ended 30 June 2023.

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