The market was trading with modest losses in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 170.94 points or 0.54% at 31,514.81. The Nifty 50 index was down 48.45 points or 0.52% at 9,222.45.
The broader market was positive. The S&P BSE Mid-Cap index was up 0.07% while the S&P BSE Small-Cap index gained 0.01%.
The market breadth was positive. On the BSE, 953 shares rose and 891 shares fell. A total of 122 shares were unchanged. In the Nifty 50 index, 19 shares advances and 31 shares declined.
Buzzing Index:
The Nifty FMCG index fell 1.10% to 26,337.40, extending decline for fourth day. The index has lost 8.13% in four sessions.
Godrej Consumer Products (down 3.4%), Colgate Palmolive (India) (down 3.02%), Britannia Industries (down 2.97%), Dabur India (down 2.85%), Marico (down 2.55%), Nestle India (down 2.11%) and Jyothy Laboratories (down 1.68%) declined.
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Bajaj Consumer Care (up 2.87%) and Procter & Gamble Hygiene & Health Care (up 0.64%) advanced.
Hindustan Unilever (HUL) fell 0.74% to Rs 1995 after it witnessed intense volatility in early trade as GlaxoSmithKline Pte and Horlicks reportedly sold 5.7% stake in the FMCG major in a deal valued at Rs 24,750 crore or nearly $3.3 billion.
After a gap down opening, HUL hit an intraday low of Rs 1902.30 in early trade. Bargain buying emerged at lower level, which pushed the stock higher in morning trade. The counter witnessed a spurt in volume. On BSE, 70.63 lakh shares were traded so far as against an average daily volume of 1.08 lakh shares reported in the past one quarter. On NSE, 31.92 crore shares were traded so far as against an average daily volume of 38.65 lakh shares reported in the past one quarter.
Stocks in Spotlight:
Minda Industries added 0.31% to Rs 258. The company has redeemed commercial paper of Rs 30 crore with a maturity date of 5 May 2020.
HDFC shed 0.91% to Rs 1717.15. The company plans to raise up to Rs 5,000 crore by issuing bonds with a face-value of Rs 10 lakh each on private placement basis to meet its business requirement. It will issue secured redeemable non-convertible debentures on private placement basis with an issue size of Rs 2,500 crore and an option to retain over-subscription of up to Rs 2,500 crore. The bonds will bear a coupon rate of 7.06% p.a. with a tenor of 19 months.
Global Markets :
Overseas, Asian stocks were trading lower on Thursday, digesting weak overnight cues from the U.S. amid mixed corporate earnings and worsening macro data. Markets in Singapore, Malaysia and Indonesia are closed for holidays.
On the economic data front, China's Caixin/Markit services Purchasing Managers' Index for April showed that the country's services sector slumped for the third straight month. It came in at 44.4, an improvement from the 43 reading in March but still off the 50-level that separates growth from contraction.
China also reported Thursday that its dollar-denominated exports rose but imports fell in April as movement restrictions to curb the coronavirus outbreak were eased.
In US, stocks closed mixed, as investors pored over data showing a collapse in private-sector employment in April and weighed the easing of lockdowns imposed by the coronavirus pandemic. Investors also parsed corporate quarterly updates from some of the nation's largest companies, with Walt Disney Co.'s profit diving more than 90% in the second quarter due to the hit from the pandemic on the entertainment giant.
The Dow Jones Industrial Average fell 218.45 points, or 0.91%, to finish at 23,664.64. The S&P 500 lost 20.02 points, or 0.70%, to end at 2,848.42. The Nasdaq Composite added 45.27 points, or 0.51%, to close at 8,854.39.
Labor-market data released Wednesday from payment processor Automatic Data Processing Inc. ADP, showed private-sector employers shed more than 20 million jobs in April.
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