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Nifty drops below 16,000; FMCG shares fall for 4th day

Published on May 26, 2022 10:33

The domestic equity benchmarks reversed gains and traded with small losses in morning trade. The Nifty slipped below the 16,000 mark. FMCG shares extended their losing streak for fourth consecutive session.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 91.45 points or 0.17% to 53,657.81. The Nifty 50 index slipped 56.10 points or 0.35% to 15,969.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.31% while the S&P BSE Small-Cap index declined 1.88%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 764 shares rose and 2,216 shares fell. A total of 119 shares were unchanged.

Results Today:

Hindalco Industries (down 0.34%), Zee Entertainment (down 0.90%), Berger Paints (down 1.40%), Piramal Enterprises (down 0.17%), Quess Corp (up 1.79%), Motherson Sumi Systems (down 1.21%), Page Industries (up 0.46%), Muthoot Finance (down 0.43%), NMDC (down 0.45%), Motherson Sumi Wiring India (down 1.74%), Colgate Palmolive (down 0.98%), Bharat Dynamics (down 1.40%) and Cummins (down 1.09%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty FMCG index fell 0.95% at 37,571.20. The index has declined 2.53% in four sessions.

Among the components of the Nifty FMCG index, ITC (down 2.75%), United Spirits (down 1.08%), Dabur India (down 0.79%) and Hindustan Unilever (down 0.72%) declined.

Further, Procter & Gamble Hygiene and Health Care (down 0.58%), Tata Consumer Products (down 0.45%), United Breweries (down 0.25%), Marico (down 0.03%) edged lower.

On the other hand, Emami (up 1.74%), Nestle India (up 1.45%) and Godrej Consumer Products (up 0.81%) edged higher.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) declined 3.50%. The PSU company reported 82.2% fall in standalone net profit to Rs 2,130.53 crore in Q4 FY22 as against Rs 11,940.13 crore in Q4 FY21. Net sales came at Rs 108,773.57 crore for the quarter ended 31 March 2022 as against Rs 76,890.50 crore during the same period in the previous year, registering a growth of 41.5%.

InterGlobe Aviation (IndiGo) added 3.70%. The low-cost airliner reported consolidated net loss of Rs 1681.80 crore in Q4 March 2022 as against net loss of Rs 1147.16 crore in Q4 March 2021. Net sales rose 28.89% to Rs 8020.75 crore in Q4 March 2022 over Q4 March 2021.

Coal India shed 0.61%. The coal major`s consolidated net profit surged 45.9% to Rs 6,692.94 crore on a 22.6% increase in net sales to Rs 30,046.25 crore in Q4 FY22 over Q4 FY21.

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