Nifty FMCG dips nearly 1% amid weak markets; Varun Beverages shed over 3.5%; Colgate, Nestle, HUL drag too

6 Jan 2022 , 12:00 PM

Nifty FMCG sank 1% amid weak markets on Thursday as Varun Beverages shed nearly 4% while Nestle India, Colgate Palmolive and Hindustan Unilever were also under heavy selling pressure. Emami rose amidst the gloom to give some positivity to the sector.

Domestic equity benchmarks extended losses after a gap-down opening today amid weakness across global markets, after minutes of the last FOMC meeting signaled sooner-than-expected rate hikes. Losses across most sectors, led by financial, IT, and oil & gas shares, pulled the headline indices lower. Concerns about the increasing cases of the Omicron variant of COVID-19 persisted among investors globally.

At around 12.00 noon, BSE Sensex was trading at 59,427.68 down 795.47 points or 1.32% and Nifty50 at 17,697.10 down 228.15 points or 1.27%.

Nifty FMCG was trading at 37,583.30 down 327.65 points or 0.86%, after touching a high of 37,786.25 and low of 37,427.95 during intraday trade.

Varun Beverages was down 3.7% at Rs842.90 per piece to drag the most. Nestle India shed 1.64% at Rs19,608.90 per piece. Colgate Palmolive was 1.18% lower at Rs1,448.85 per piece. Hindustan Unilever was also 1.06% on the downside at Rs2,390.10 per piece. 

United Spirits (down 0.98%), Godrej Consumer (down 0.97%), ITC (down 0.88%), Dabur (down 0.77%) and Tata Consumer (down 0.65%) were also under pressure.

Emami rose 1.36% higher at Rs518.00 per piece. United Breweries (up 0.83%), Radico Khaitan (up 0.63%), Marico (up 0.52%), and Procter & Gamble Hygiene (up 0.47%) also traded higher.