Nifty hovers near 8500; FMCG stocks extend gains

Nifty hovers near 8500; FMCG stocks extend gains

Mar 30, 2020 05:03 IST capital market

Key benchmarks traded with steep losses in mid-morning trade. The Nifty hovered near the 8500 mark. FMCG stocks witnessed defensive buying.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 605.33 points or 2.03% at 29,210.26. The Nifty 50 index fell 164.8 points or 1.9% at 8,495.45

Investors were concerned about the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns. Meanwhile, the International Monetary Fund (IMF) chief Kristalina Georgieva on Friday (27 March) said the world has clearly entered a recession. The COVID-19 pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, she added.

In the broader market, the S&P BSE Mid-Cap index was down 1.90% while the S&P BSE Small-Cap index was down 1.03%.

The market breadth was weak. On the BSE, 767 shares rose and 1088 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Buzzing Index:

The Nifty FMCG index rose 1.15% to 26,036.10, extending its winning run to fifth consecutive session. The index surged 12.3% in five trading sessions.

United Spirits (up 4.64%), Marico (up 3.04%), Hindustan Unilever (up 2.26%), Dabur (up 1.6%), Nestle India (up 1.36%), Britannia Inds (up 1.33%), United Breweries (up 1.04%), Godrej Industries (up 0.91%), Colgate Palmolive (up 0.84%), Jubilant Foodworks (up 0.61%) and Procter & Gamble Hygiene and Health Care (up 0.3%) were top gainers in FMCG space.

Stocks in Spotlight:

Godfrey Phillips India fell 3.87% to Rs 886.50 after the company said it has suspended operations at all its factories and plant locations in the wake of COVID-19 pandemic. The impact on the operations of the company cannot be assessed at this point, it added. The statement was issued before trading hours today, 30 March 2020.

Motherson Sumi Systems fell 3.24% to Rs 61.15 after Moodys Investors Service assigned a Ba1 corporate family rating (CFR) to the company and has withdrawn the companys Baa3 issuer rating. At the same time, Moodys has placed the Ba1 CFR under review for further downgrade. The outlook has been revised to rating under review from negative.

Global Markets:

Most Asian markets were trading sharply lower on Monday on weak risk appetite as the death toll from coronavirus pandemic surged, threatening the global economy as roughly one-third of the planet is on lockdown.

In US, stock indexes ended sharply lower on Friday, failing to get a lasting lift from approval by Congress of a $2 trillion economic stimulus package to counter the effects of the coronavirus pandemic, but equities booked double-digit weekly gains to take back a chunk of losses seen this month

Powered by Capital Market - Live News

Related Story