Broader mkt outperforms; FMCG shares slide

The domestic equity benchmarks traded with minor losses in morning trade. The Nifty traded below the 25,400 level. FMCG shares declined after advancing in past four consecutives trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, shed 75.34 points or 0.08% to 82,894.49. The Nifty 50 index lost 24.85 points or 0.10% to 25,364.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index gained 0.88%.

The market breadth was strong. On the BSE, 2,506 shares rose and 1,111 shares fell. A total of 160 shares were unchanged.

 

Economy:

Indias retail inflation rose to 3.65% in August, slightly higher than 3.6% reported in July. The inflation was within the Reserve Bank of Indias (RBI) medium-term target of 2-6%.

Separately, the Index of Industrial Production (IIP) rose slightly to 4.83% in July from 4.72% in June.

Buzzing Index:

The Nifty FMCG index declined 0.76% to 65,017.95. The index rallied 3.47% in past four consecutive trading sessions.

Godrej Consumer Products (down 2.08%), Dabur India (down 1.62%), Colgate-Palmolive (India) (down 1.51%), ITC (down 1.22%), Balrampur Chini Mills (down 1.14%), Hindustan Unilever (down 1.12%), Britannia Industries (down 0.75%), United Breweries (down 0.70%), Tata Consumer Products (down 0.69%) and Marico (down 0.56%) declined.

On the other hand, Varun Beverages (up 1.66%), Nestle India (up 0.86%) and United Spirits (up 0.73%) edged higher.

Stocks in Spotlight:

H.G. Infra Engineering rallied 3.84% after the firm announced that it has received a letter from the Central Railway for an order worth Rs 716.11 crore.

Tata Power Company rose 1.88% and Tata Motors added 1.01%. Tata Power said that EV Charging Solutions, a wholly owned subsidiary of Tata Power Renewable Energy signed Memonrandum of Understanding (MoU) with Tata Motors to set up 200 fast charging stations for electric commercial vehicles (CV) in all metro cities.

Nazara Technologies advanced 1.52% after the company informed that it has acquired 47.7% stake in Moonshine Technology (MTPL), the parent company of PokerBaazi, Indias top online poker gaming platform, for Rs 832 crores through a secondary transaction.

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