SENSEX DOWN 113 PTS; FMCG SHARES DECLINE

The headline equity benchmarks continued to trade with minor losses in early afternoon trade. The Nifty hovered below the 22,250 mark after hitting the day`s high of 22,297.55 in morning trade. FMCG shares extended losses for the second day in a row.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 112.79 points or 0.15% to 72,996.65. The Nifty 50 index lost 11.85 points or 0.05% to 22,206.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 0.73% and the S&P BSE Small-Cap index gained 0.99%.

The market breadth was strong. On the BSE, 2,292 shares rose and 1,385 shares fell. A total of 134 shares were unchanged.

Economy:

Passenger vehicle wholesales in India rose to record levels in April driven by strong demand for utility vehicles, automobile industry body SIAM said on Tuesday. The overall passenger vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of 3,35,629 units in April, as compared to 3,31,278 units in April 2023. Utility vehicle sales stood at 1,79,329 units last month, up 21 per cent from 1,48,005 units in the same month last year.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.61% to 20.32. The Nifty 30 May 2024 futures were trading at 22,241, at a premium of 35 points as compared with the spot at 22,206.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 32.2 lakh contracts at the 23,000 strike price. Maximum Put OI of 37 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty FMCG index shed 0.61% to 54,718.60. The index fell 1.10% in two consecutive trading sessions.

Colgate-Palmolive (India) (down 3.83%), Dabur India (down 1.55%), Marico (down 1.53%), United Breweries (down 1.19%), Britannia Industries (down 1.12%), Godrej Consumer Products (down 0.91%), Nestle India (down 0.8%), Hindustan Unilever (down 0.79%), Tata Consumer Products (down 0.67%) and United Spirits (down 0.42%) declined.

On the other hand, Radico Khaitan (up 1.61%), Varun Beverages (up 0.90%) and Procter & Gamble Hygiene and Health Care (up 0.21%) edged higher.

Colgate-Palmolive (India) declined 3.83%. The FMCG major`s net profit jumped 20.11% to Rs 379.82 crore in Q4 FY24 as against Rs 316.22 crore posted in Q4 FY23. Revenue from operations increased 10.35% year on year (YoY) to Rs 1,480.66 crore in the quarter ended 31 March 2024.

Stocks in Spotlight :

Oil India added 1.44% after the company said that its board will meet on Monday, 20 May 2024, to consider a proposal for issue of bonus shares to the shareholders of the company.

Balu Forge Industries shed 0.25%. The company has reported 85.58% rise in net profit to Rs 28.28 crore on a 30.21% increase in revenue from operations to Rs 161.17 crore in Q4 FY24 as compared with Q4 FY23.

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