Sensex slides 228 pts; FMCG shares tumble

The key equity benchmarks extended losses in the morning trade. The Nifty slipped below the 24,600 level. FMCG shares declined after rising in the past two consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex declined 228.49 points or 0.28% to 81,502.32. The Nifty 50 index lost 78.95 points or 0.32% to 24,598.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index rallied 0.49%.

The market breadth was strong. On the BSE, 2,373 shares rose and 1,399 shares fell. A total of 200 shares were unchanged.

Buzzing Index:

The Nifty FMCG index slipped 2.27% to 56,435.65. The index rose 0.83% in past two consecutive trading sessions.

Godrej Consumer Products (down 9.55%), Marico (down 4.84%), Tata Consumer Products (down 3.62%), Hindustan Unilever (down 3.58%), Dabur India (down 3.54%), Colgate-Palmolive (India) (down 2.89%), Britannia Industries (down 1.99%), Nestle India (down 1.76%), United Spirits (down 1.51%) and Radico Khaitan (down 0.77%) declined.

On the other hand, Varun Beverages (up 0.09%) edged higher.

Stocks in Spotlight:

RailTel Corporation of India rose 1.39% after the company announced that it has received multiple orders from Employees Provident Fund Organisation and Pcste South Central Railways aggregating to Rs 29.56 crore.

JSW Energy advanced 0.88% after the company announced that its wholly owned subsidiary, JSW Neo Energy, has received a letter of award (LoA) from NTPC for the development of a 400 MW ISTS-connected solar power project.

Suven Pharmaceuticals shed 0.79%. The company announced that it has signed definitive agreements to acquire a 56% equity stake in NJ Bio, Inc.

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