 "FMCG stocks shrug off rise in CPI; HUL up 1.7%")
Fast moving consumer goods shares were among the top gainers, amid rangebound trade, shrugging off the rise in consumer price inflation which hit a 5-month of 5.41% in November.
At 10:35am, the S&P BSE Sensex was down 38 points at 25,113 and the Nifty50 was down 12 points at 7,638.
The rupee was trading higher at 66.98 to the US dollar compared to the previous close of 67.11 in the previous session.
On Monday, the rupee crossed 67 a dollar, following cues from its Asian peers, as emerging market investors braced for an imminent rate rise by the US Federal Reserve for the first time since June 2006.
BSE Oil & Gas and FMCG indices were the top sectoral gainers while Bankex and Auto indices were among the top losers.
Oil shares firmed up following slight rebound in global crude oil prices. Reliance Industries was up 1.2% while ONGC gained 0.8%. GAIL (India) was up 0.4%.
Meanwhile, FMCG stocks gained despite rise in November consumer price inflation. ITC and Hindustan Unilever were up 0.7%-1.7% each. Among other stocks in the sector, United Spirits was up 1.2%, Godrej Consumer Products rose nearly 1% while Colgate-Palmolive was up 0.9%.
Sun Pharma was up 1% after the company announced the divestment of its Bryan, Ohio, US manufacturing unit following an agreement Nostrum Laboratories Inc.
Bank shares were under pressure on concerns of rising bond yields on expectations that the US Federal Reserve is most likely to raise interest rate at its two-day meet which begins later today. ICICI Bank, HDFC Bank were down 0.4%-2% each. Among the state-owned banks SBI, Canara Bank, Andhra Bank, Bank of Baroda, State Bank of India (SBI), Syndicate Bank and Oriental Bank of Commerce down 0.7%-1% each.
Auto shares continued to remain under pressure on concerns that the proposed ban on diesel vehicles by the NGT in Delhi could spill on to other states. Tata Motors and M&M were down 0.2%-0.9% each. The directive by the NGT also seems to dampen sentiment for two-wheeler majors. Hero MotoCorp and Bajaj Auto were down 0.4%-0.7%.
Among other shares, Hotel Leelaventure has rallied 5% to Rs 21.40 on the BSE after the company announced that it has completed the Rs 725-crore sale of its Goa property to Ceres Hotels.
