Nifty tad above 24,850 mark; FMCG shares in demand

The domestic equity benchmarks traded near the flatline with some positive bias in early afternoon trade. The Nifty traded tad above the 24,850 mark after hitting the day's low of 24,753.15 in early trade. FMCG shares advanced after declining in the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex added 38.23 points or 0.06% to 81,244.03. The Nifty 50 index rose 1.50 points or 0.01% to 24,853.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.93% and the S&P BSE Small-Cap index declined 1.20%.

The market breadth was weak. On the BSE, 1,383 shares rose and 2,514 shares fell. A total of 153 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.67% to 14.81. The Nifty 26 September 2024 futures were trading at 24,896, at a premium of 42.95 points as compared with the spot at 24,853.65.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 58.3 lakh contracts at the 25,000 strike price. Maximum Put OI of 93.4 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty FMCG index added 1.25% to 63,962.65. The index shed 0.41% in the two consecutive trading sessions.

United Breweries (up 2.69%), United Spirits (up 2.07%), Dabur India (up 1.82%), Hindustan Unilever (up 1.66%) and Britannia Industries (up 1.22%), Marico (up 1.16%), Tata Consumer Products (up 1.07%), Godrej Consumer Products (up 1.04%), ITC (up 0.97%) and Colgate-Palmolive (India) (up 0.58%) edged higher.

On the other hand, Balrampur Chini Mills (down 1.21%), Radico Khaitan (down 0.95%) and Nestle India (down 0.09%) edged lower.

Stocks in Spotlight :

Suzlon Energy rose 0.40%. The company announced that it has bagged Indias largest wind energy order of 1166 MW from NTPC Green Energy (NGEL), the renewables arm of NTPC. The company will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a hybrid lattice tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy (a wholly owned subsidiary of NGEL) and one project of IndianOil NTPC Green Energy (a group company of NGEL) in the state of Gujarat.

Bajaj Finserv fell 0.40%. The companys subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for August 2024 was at Rs 1,736.23 crore, recording a growth of 3.48% year on year.

Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 952.52 crore for the month of August 2024, up 2.82% as against Rs 926.41 crore recorded in the same period a year ago.

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