Baromters turn rangebound; Nifty hovers above 18,200

22 Nov 2022 , 11:32 AM

The headline equity indices traded in a narrow range with decent gains in the mid-morning trade. The Nifty hovered above the 18,200 level. FMCG shares snapped its eight days declining trend. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 146.54 points or 0.24% to 61,291.38. The Nifty 50 index added 45.05 points or 0.25% to 18,205. In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index lost 0.04%. The market breadth was relatively positive. On the BSE, 1,643 shares rose, and 1,611 shares fell. A total of 166 shares were unchanged. Buzzing Index: The Nifty FMCG index rose 0.45% to 43,805.80, snapping its eight days losing streak. The index slipped 2.71% in past eight trading sessions. Among the components of the Nifty FMCG index, Varun Beverages (up 4.11%), Emami (up 2.26%), Hindustan Unilever (up 0.82%), ITC (up 0.64%), United Breweries (up 0.62%) Britannia Industries (up 0.45%), United Spirits (up 0.44%), Colgate-Palmolive (India) (up 0.26%), Tata Consumer Products (up 0.14%) and Marico (up 0.08%) were the gainers. On the other hand, Dabur India (down 1.68%), Procter & Gamble Hygiene and Health Care (down 0.8%) and Nestle India (down 0.6%) edged lower. Stocks in Spotlight: JK Paper rose 0.01% after the company said that it has entered into share purchase and shareholders agreements (SPSHAs) for the acquisition of 85% shares of Horizon Packs (HPPL) and Securipax Packaging (SPPL). Horizon Packs is the largest Corrugated Packaging company in India. The company has six plants across India. Key customer segments for the company constitute food & beverage, FMCG, pharma, white goods, etc. Glenmark Pharmaceuticals advanced 1.76% after the drug maker and its US arm, Glenmark Pharmaceuticals Inc. have reached a settlement agreement with Pfizer Inc., PF Prism C.V., and PF Prism IMB B.V. (Pfizer) for Axitinib Tablets. The said drug is the generic version of Pfizers Inlyta tablets. Axitinib is an anti-cancer medication. It works by blocking the action of the abnormal protein that signals cancer cells to multiply. Global Markets: Asian shares traded mixed on Tuesday as concerns over Chinas COVID flare ups and hawkish US Fed commentary. US stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday. Fears that China may again ramp up Covid restrictions after reporting deaths from the virus weighed on markets. Traders also looked for further signals from the Federal Reserve about future interest rate hikes. The S&P 500 shed 0.39% to 3,949.94 and the Nasdaq Composite fell 1.09% to end the day at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, though losses on the index were mitigated by a jump in Disney shares, which surged more than 6%. San Francisco Federal Reserve President Mary Daly said on Monday that there was more work to be done in order to tighten monetary policy and cool inflation, and that the real-world impact of recent rate hikes will probably be greater than what the short-term target rate implies. Cleveland Fed President Loretta Mester said she supports a smaller rate hike in December, which is in line with market expectations for a 50 basis point bps hike. Powered by Capital Market – Live News