SENSEX, NIFTY PARE GAINS; FMCG SHARES UNDER PRESSURE

The key equity benchmarks reversed all gains and traded near the flatline with some negative bias in mid-morning trade. The Nifty slipped below the 24,150 mark. FMCG shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 6.40 points or 0.01% to 79,493.26. The Nifty 50 index lost 4.90 points or 0.02% to 24,136.40.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index added 0.61%.

The market breadth was positive. On the BSE, 2,068 shares rose and 1,695 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty FMCG index fell 0.92% to 57,314.40. The index slipped 1.79% in two trading sessions.

Britannia Industries (down 4.4%), Godrej Consumer Products (down 2.58%), Marico (down 2.39%), Colgate-Palmolive (India) (down 1.28%), Nestle India (down 0.66%), Hindustan Unilever (down 0.55%), Dabur India (down 0.47%), United Spirits (down 0.4%), ITC (down 0.28%) and United Breweries (down 0.12%) edged lower.

On the other hand, Procter & Gamble Hygiene and Health Care (up 1.24%) ,Balrampur Chini Mills (up 0.37%) and Radico Khaitan (up 0.14%) edged higher.

Stocks in Spotlight:

Hindalco Industries rose 0.63%. The Aditya Birla Group company�s consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.

Maithan Alloys added 3.69% after the company�s consolidated net profit zoomed 132.24% to Rs 143.85 crore in Q2 FY25 as against Rs 61.94 crore posted in Q2 FY24. Revenue from operations was at Rs 464.22 crore in the second quarter of FY25, up 4.63% as against Rs 443.65 crore posted in corresponding quarter previous fiscal.

Landmark Cars rose 0.52%. The company reported 99.90% decline in consolidated net profit to Rs 0.02 crore in Q2 FY25 as against Rs 20.16 crore posted in Q2 FY24. Revenue from operations jumped 17.72% YoY to Rs 907.27 crore in the quarter ended 30 September 2024.

Global Markets:

Asian stocks declined on Tuesday, with investors exercising caution even as the Dow Jones Industrial Average�s post-election rally continued to gain momentum to close at a record high.

Traders in Asia-Pacific are also parsing a swathe of economic data in the region, including a survey from the National Australia Bank on business conditions and Indonesia�s retail sales in September.

Concerns about potential trade tensions between the U.S. and China, particularly regarding tariffs on Chinese goods, contributed to the market`s downturn.

The US stock market closed on a high note on Monday, with all major indexes hitting record highs. The Dow Jones Industrial Average surpassed the 44,000 mark for the first time, gaining 0.69% to 44,293.13. The S&P 500 and Nasdaq also rose, up 0.10% to 6,001.35 and 0.06% to 19,298.76, respectively.

Tesla`s stock surged 9%, boosting its market value to over $1.1 trillion. Microsoft, Amazon, and Meta Platforms saw slight declines of around 1% each. Nvidia`s stock fell 1.6%. Bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.

While the market has been on a strong upward trend, investors are becoming cautious ahead of the release of key consumer price index (CPI) inflation data on Wednesday.

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