Nifty trade above 17,600 mark; FMCG shares fall for 3rd day

5 Dec 2022 , 10:29 AM

The domestic equity barometers managed to pare some losses as they came off the days low in morning trade. The Nifty traded above the 18,600 mark. FMCG shares extended losses for third consecutive session. At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 288.02 points or 0.46% to 62,580.48. The Nifty 50 index lost 77.95 points or 0.42% to 18,618.15. In the broader market, the S&P BSE Mid-Cap index slipped 0.11% while the S&P BSE Small-Cap index added 0.39%. The market breadth turned positive. On the BSE, 1964 shares rose and 1311 shares fell. A total of 206 shares were unchanged. Investor sentiment took a hit after November US payrolls report instilled expectations that the US Fed would stick to its rate hike path to combat the high inflation. Nonfarm payrolls climbed more than anticipated by 263,000, while wage growth ran higher despite recessionary pressures ahead. Meanwhile, oil prices rose sharply on Monday, thanks to relaxations of strict Covid measures in China, while the OPEC kept production steady at its latest meeting. The Reserve Bank of India (RBI) is all set for its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting starting today. The bi-monthly policy review is expected to come out on 7 December 2022. More than the quantum of rate hikes, domestic investor would watch out for the Central Banks commentary as it ramps up its efforts to curb inflation and push growth. On the political front, Gujarat Assembly Elections will be closely watched. The second phase of polling is being held today, 5 December 2022. The first phase of assembly polls in Gujarat was held on 1 December 2022. The results will be declared on 8 December 2022. Buzzing Index: The Nifty FMCG index declined 0.55% to 44,905.80. The index has lost 1.39% in three sessions. Radico Khaitan (down 2.95%), Britannia Industries (down 1.36%), United Spirits (down 1.34%), Dabur India (down 1.21%) and Nestle India (down 0.89%) were the top losers. Among the other losers were ITC (down 0.73%), Tata Consumer Products (down 0.72%), Marico (down 0.62%), Colgate-Palmolive (India) (down 0.52%) and Hindustan Unilever (down 0.46%). Stocks in Spotlight: Ion Exchange (India) added 2.78%. The company said that it has been awarded a contract by Indian Oil Corporation (IOCL) for setting up of a zero liquid discharge plant at IOCLs Panipat Refinery at a contract value of Rs 343.36 crore. Cravatex rose 2.94%. The company said it completed the sale of its 100% shareholding held in Cravatex Brands, a material subsidiary, to Metro Brands on 1 December 2022. Rama Steel Tubes (RSTL) rose 0.75%. RSTL said that it has received orders from Purvanchal Vidut Vitran Nigam and Paschimanchal Vidut Vitran Nigam aggregating to Rs 6.7 crore. Powered by Capital Market – Live News