Sensex, Nifty hit fresh intraday low; FMCG shares decline for third consecutive session

The domestic equity indices extended losses and hit fresh intraday lows in mid-morning trade. The Nifty traded below the 17,700 mark. FMCG stocks extended their downfall for third day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 204.92 points or 0.34% to 59,626.74. The Nifty 50 index lost 56.80 points or 0.32% to 17,673.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index declined 0.24%.

The market breadth was negative. On the BSE, 1,316 shares rose and 1,868 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 1.01% to 43,764.75. The index has lost 1.17% in three sessions.

United Breweries (down 2.53%), Nestle India (down 2.39%), Hindustan Unilever (down 2.11%), Britannia Industries (down 1.76%) and ITC (down 0.63%) were the top losers.

Among the other losers were Dabur India (down 0.47%), Marico (down 0.25%) and Godrej Consumer Products (down 0.05%).

Meanwhile, United Spirits (up 3.83%), Radico Khaitan (up 1.83%) and Emami (up 1.42%) outperformed.

Stocks in Spotlight:

Multi Commodity Exchange of India (MCX) jumped 7.51%. The commodity exchange`s consolidated net profit rose 93.72% to Rs 63.27 crore on 53.14% increase in net sales to Rs 127.40 crore in Q2 September 2022 over Q2 September 2021.

DLF rose 0.54%. The realty major`s consolidated net profit jumped 25.9% to Rs 477.04 crore in Q2 FY23 as against Rs 378.95 crore recorded in Q2 FY22. Net sales declined 12.1% to Rs 1,302.34 crore in the quarter ended 30 September 2022 from Rs 1,480.90 crore posted in the same period last year.

Alembic Pharmaceuticals advanced 0.38%. The drug maker on Tuesday (25 October 2022) announced that its Bioequivalence facility located at Vadodara has completed United States Food and Drug Administration (USFDA) inspection without any observations.

Global Markets:

Asian stocks edged higher on Tuesday following a rally in Wall Street aided by strong corporate earnings.

US stocks advanced on Monday, extending last week`s gains as signs of economic softness suggested the effects of the Fed`s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.

Meanwhile, Indian Origin former UK Chancellor Rishi Sunak became UK`s prime minister on Monday (October 24). Replacing former PM Liz Truss, Sunak became the first Indian-origin prime minister of the UK. Rishi Sunak will take oath as PM on October 28 and the cabinet is likely to be formed on October 29.

Rishi Sunak, in his first address to the country after being elected as the PM said, "I pledge that I will serve you with integrity and humility; and I will work day in, day out to deliver for the British people."

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