Nifty hovers below 24,300; FMCG shares in demand

The domestic equity barometers continued to trade with moderate losses in the mid-afternoon trade. The Nifty traded below the 24,300 level after hitting day's high of 24,461.05 in early trade. FMCG stocks edged higher for fourth consecutive trading session.

At 14:30 ST, the barometer index, the S&P BSE Sensex, was down 539.38 points or 0.67% to 79,812.26. The Nifty 50 index declined 160.85 points or 0.66% to 24,272.35.

In the broader market, the S&P BSE Mid-Cap index slipped 0.56% and the S&P BSE Small-Cap index tumbled 0.86%.

The market breadth was weak. On the BSE, 1,190 shares rose and 2,704 shares fell. A total of 92 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 1.66% to 2,013.25. The index advanced 4.14% in four trading sessions.

Godrej Consumer Products (up 2.17%), Britannia Industries (up 1.85%), Marico (up 1.72%), Colgate-Palmolive (India) (up 1.63%), Hindustan Unilever (up 0.87%), Procter & Gamble Hygiene and Health Care (up 0.87%), Dabur India (up 0.71%), Tata Consumer Products (up 0.63%), Balrampur Chini Mills (up 0.53%) and Radico Khaitan (up 0.08%).

On the other hand, Varun Beverages (down 0.79%), United Spirits (down 0.73%) and United Breweries (down 0.54%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.13% to 6.980 as compared with previous close 6.989.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5000, compared with its close of 83.4925 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.37% to Rs 72,664.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.11.

The United States 10-year bond yield slipped 0.33% to 4.284.

In the commodities market, Brent crude for September 2024 settlement added 16 cents or 0.19% to $84.82 a barrel.

Stocks in Spotlight:

Siemens rose 0.72%. The companys consortium with Rail Vikas Nigam (RVNL) has secured an order from Bangalore Metro Rail Corporation (BMRCL) for electrification of Bengaluru Metro Phase 2 project.

Infosys declined 0.26%. The IT major announced a strategic five-year collaboration with Sector Alarm to fuel growth through cloud-based Microsoft Dynamics ERP.

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