Partner With Us NRI

Nifty hovers near 15,750; FMCG stocks decline

Published on Jun 29, 2022 11:29

The benchmark indices continued to trade with moderate losses in the mid-morning trade. Weak global stocks weighed on the sentiment. The Nifty hovered above the 15,750 level. Barring Nifty Metal and Oil & Gas index, all the other sectoral indices on the NSE traded in the red.

At 11:24 IST, the barometer index, the S&P BSE Sensex, declined 238.66 points or 0.45% to 52,938.79. The Nifty 50 index fell 68 points or 0.43% to 15,782.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.81% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,525 shares rose and 1,527 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty FMCG index fell 1.15% to 37,735.15, snapping its four days rising streak. The index rose 2.09% in the four trading sessions.

Among the components of the Nifty FMCG index, Hindustan Unilever (down 2.69%), Godrej Consumer Products (down 2.59%), Marico (down 1.74%), Britannia Industries (down 0.99%) and United Breweries (down 0.99%) were the top losers.

Among the other losers were United Spirits (down 0.97%), Varun Beverages (down 0.93%), ITC (down 0.64%), Dabur India (down 0.63%) and Emami (down 0.62%).

Stocks in Spotlight:

Acrysil rallied 7.55% to Rs 612.65 after the company said that it has completed the capacity expansion of an additional 160,000 units of Quartz Kitchen Sinks at its Bhavnagar plant in Gujarat. The household appliances company said that the commercial production of additional 160,000 units has commenced from 28 June 2022. The manufacturing capacity of Quartz Kitchen Sinks has increased from 840,000 units to 1,000,000 units per annum (p.a), it added.

Hindalco Industries fell 0.19% to Rs 343. The Aditya Birla Group company on Wednesday announced that its board has given approval to make an investment of 71.50 lakh in the equity share capital of Cleanwin Energy SIX. The aggregate cost of acquisition is Rs 71,50,000 for acquiring 26% stake in Cleanwin Energy SIX. The company said that it has contributed its initial equity contribution on 30 May 2022. Further the firm will continue to update the project details at later stage, it added.

Global markets:

Asian stocks slumped across the board on Wednesday after Wall Street`s negative performance on Tuesday.

Meanwhile, China cut the quarantine period for international travelers on Tuesday, in a step away from its strict Covid controls that have been in place for more than two years. People arriving from overseas will now need to quarantine for seven days upon arrival and three days at home, compared to up to 21 days in a centralized facility previously.

Retail sales in Japan rose 3.6% in May compared to a year ago, a third consecutive month of growth, government data showed. South Korea`s consumer sentiment index fell, standing at 96.4 for June 2022, down 6.2 points from May`s print, according to Bank of Korea`s survey.

US stocks fell sharply on Tuesday after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.

US Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn, as per reports.

On the macro front, the consumer confidence index fell to a reading of 98.7, down from 103.2 in May, according to The Conference Board. The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.

Powered by Capital Market - Live News