Sensex slips 446 pts, FMCG shares decline

The benchmark indices traded with moderate losses in early afternoon trade. The Nifty slipped below 22,650 level. FMCG shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 445.57 points or 0.62% to 74,575.99. The Nifty 50 index lost 133.90 points or 0.59% to 22,619.90.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index added 0.08%.

The market breadth was negative. On the BSE, 1,635 shares rose and 2,051 shares fell. A total of 133 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India�s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 1.71% to 11.30. The Nifty 25 April 2024 futures were trading at 22,681.85, at a premium of 61.95 points as compared with the spot at 22,619.90.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 54.5 lakh contracts at the 23,500 strike price. Maximum Put OI of 43.1 lakh contracts were seen at 22,500 strike price.

Buzzing Index:

The Nifty FMCG shed 0.66% to 53,930.55. The index rose 1.23% in the past trading session.

Godrej Consumer Products (down 2%), Varun Beverages (down 1.66%), United Spirits (down 1.37%), ITC (down 0.86%), Britannia Industries (down 0.79%), Hindustan Unilever (down 0.57%), Dabur India (down 0.34%), Balrampur Chini Mills (down 0.23%), Procter & Gamble Hygiene and Health Care (down 0.19%) declined.

On the other hand, Radico Khaitan (up 3.39%) ,Colgate-Palmolive (India) (up 1.29%) and Nestle India (up 1.05%) edged higher.

Stocks in Spotlight:

Vodafone Idea slipped 4.80%. The telecom operator said that its board has approved to raise Rs 18,000 crore through follow on public offer (FPO) with price band of Rs 10 � 11 per equity share. The FPO is slated to open on Thursday 18 April 2024 and close on Monday, 22 April 2024. Anchor investors will be allowed to participate two days prior to the bid/issue opening date, i.e. Tuesday, 16 April 2024.

The Phoenix Mills shed 0.99%. The company said that its total consumption stood at approximately Rs 2,818 crore in Q4 FY24, registering a growth of 27% year on year (YoY). Gross retail collections jumped 37% YoY to around Rs 791 crore in the quarter ended 31 March 2024.

Maharashtra Seamless rose 1.99% after the iron & steel company announced that it has received order with basic value of Rs 674 crore from Oil and Natural Gas Corporation (ONGC).

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