Broader markets outperforms as key indices lag; FMCG shares in demand

The key equity indices traded with limited gains in early afternoon trade. The Nifty managed to hold tad above the 21,500 level. FMCG shares advanced for second day in a row.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 139.86 points or 0.20% to 71,577.05. The Nifty 50 index added 54.50 points or 0.25% to 21,507.60.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.38% and the S&P BSE Small-Cap index rose 0.26%.

The market breadth was strong. On the BSE, 1926 shares rose and 1769 shares fell. A total of 134 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 1.51% to 14.08. The Nifty 28 December 2023 futures were trading at 21,601.15, at a premium of 93.55 points as compared with the spot at 21,507.60.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 46.8 lakh contracts at the 21,500 strike price. Maximum Put OI of 53.3 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty FMCG index rose 1.13% to 55,395.05. The index has added 2.55% in two sessions.

Varun Beverages (up 11.55%), Radico Khaitan (up 3.07%), Tata Consumer Products (up 2.92%), United Breweries (up 2.83%) and Emami (up 1.65%) were the top gainers.

Among the other gainers were Britannia Industries (up 1.2%), Godrej Consumer Products (up 1.18%), ITC (up 0.41%), United Spirits (up 0.12%) and Procter & Gamble Hygiene and Health Care (up 0.07%).

On the other hand, Dabur India (down 0.64%), Marico (down 0.44%) and Nestle India (down 0.44%) moved lower.

Stocks in Spotlight:

HCL Technologies fell 1.38%. The IT major informed that it faced a ransomware attack in an isolated cloud environment for one of its projects. However, the firm stated there has been no impact observed due to this incident on the overall HCLTech network.

Deepak Nitrite (DNL) rose 2.67% while Petronet LNG shed 0.21%. DNL said that its wholly owned material subsidiary Deepak Phenotics (DPL) has approved the execution of binding term sheet with Petronet LNG (PLL) for offtake of propylene and hydrogen. The binding term sheet includes the offtake of 250 kilo tonnes per annum (KTPA) of propylene and 11 KTPA of hydrogen from Petronet Petrochemical project at Dahej, Gujarat for a period of 15 years from the date of the first supply of propylene and hydrogen from Petronet LNG to DPL.

Transformers and Rectifiers (India) was up 0.61%. The company announced that it has been awarded orders of transformers for total contract value of Rs 118 crore from Uttar Pradesh Power Transmission Corporation.

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