Indices trade with deep cuts; FMCG shares decline

The domestic equity benchmarks traded with substantial losses in mid-afternoon trade. The Nifty traded below 21,300 level. FMCG shares decline after advancing in the past trading session. Trading could be volatile due to January F&O series expiry today.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 649.24 points or 0.91% to 70,411.07. The Nifty 50 index lost 182.45 points or 0.86% to 21,270.70.

In the broader market the S&P BSE Mid-Cap index shed 068% and the S&P BSE Small-Cap index gained 0.39%.

The market breadth was positive. On the BSE, 2,034 shares rose and 1,724 shares fell. A total of 104 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 1.41% to 55,071.55. The index advanced 1.61% in the past trading sessions.

United Spirits (down 2%), ITC (down 1.93%), Colgate-Palmolive (India) (down 1.91%), Varun Beverages (down 1.62%), Tata Consumer Products (down 1.59%), United Breweries (down 1.36%), Marico (down 1.35%), Godrej Consumer Products (down 1.35%), Nestle India (down 1.25%) and Dabur India (down 1.03%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.15% to 7.170 as compared with previous close 7.181.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1300, compared with its close of 83.1225 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.03% to Rs 61,965.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 103.23.

The United States 10-year bond yield declined 0.41% to 4.163.

In the commodities market, Brent crude for March 2024 settlement rose 45 cents or 0.56% to $80.40 a barrel.

Stocks in Spotlight:

Balkrishna Industries slipped 7.57% after the firm reported 7.84% decline in net profit to Rs 309.09 crore on 2.42% rise in revenue from operations to Rs 2,279.76 in Q3 FY24 over Q2 FY24.

Aarti Drugs fell 5.61%. The company�s consolidated net profit rose marginally to Rs 36.71 crore in Q3 FY24 as compared with Rs 36.67 crore recorded in Q3 FY23. Revenue from operations fell 8.62% to Rs 607.61 crore in Q3 FY24 as compared with Rs 664.97 crore posted same period a year ago.

Swaraj Engines declined 1.02%. The company has reported 4% increase in net profit to Rs 24.10 crore as net operating revenue remained flat at Rs 279.55 crore in Q3 FY24 as compared with Q3 FY23.

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