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Nifty holds above 20,850 level; FMCG shares decline

Published on Dec 07, 2023 10:28

The key equity barometers continued to trade with limited losses in morning trade. The Nifty traded above the 20,850 level. FMCG shares witnessed across the board selling.

At 10:25 AM IST, the barometer index, the S&P BSE Sensex, was down 219.93 points or 0.32% to 69,433.80. The Nifty 50 index lost 54.60 points or 0.26% to 20,883.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index added 0.22%.

The market breadth was positive. On the BSE, 1,945 shares rose, and 1,437 shares fell. A total of 176 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.

Buzzing Index:

The Nifty FMCG index fell 1.01% to 54,109.40. The index had advanced 1.02% to end at 54,662.55 yesterday.

Hindustan Unilever (down 2.16%), Radico Khaitan (down 2.02%), Marico (down 1.88%), Godrej Consumer Products (down 1.41%) and Colgate-Palmolive (India) (down 1.35%) were the top losers.

Among the other losers were Emami (down 0.97%), Dabur India (down 0.89%), ITC (down 0.74%), United Breweries (down 0.35%) and Nestle India (down 0.22%).

On the other hand, Varun Beverages (up 0.61%), Britannia Industries (up 0.17%) and United Spirits (up 0.12%) turned up.

Stocks in Spotlight:

IRCON International slumped 7.21%. The Government of India will sell 8% stake, or 7.52 crore equity shares, in the company through an offer-for-sale (OFS) on December 7-8, with a floor price of Rs 154 per share.

Bharat Electronics (BEL) rose 2.73%. BEL received an order of Rs 580 crore from Indian Army for AMC of Radars. The company has also received additional orders worth Rs 3,335 crore for AMC for AEW&C system (Airborne Early Warning & control), Uncooled TI sights, Software Defined Radios, SWIR pay load, AMC for IACCS, Passive Night Vision Binoculars etc.

One97 Communications (OCL) dropped 16.49%. The company announced that it will further expand its business to offer higher ticket personal and merchant loans, which would be targeted at lower risk and high credit worthy customers, in partnership with large banks and NBFCs.

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