Barometers hit fresh intraday low; FMCG shares edge lower

The domestic equity barometers hit fresh intraday low in mid afternoon trade. The Nifty traded below 17,000 mark. FMCG shares extended losses for second day.

At 14:23 IST, the barometer index, the S&P BSE Sensex, skid 654.28 points or 1.13% to 57,042.18. The Nifty 50 index lost 209.80 points or 1.22% to 16,986.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.81% while the S&P BSE Small-Cap index slipped 0.75%.

The market breadth was negative. On the BSE, 1523 shares rose and 1852 shares fell. A total of 179 shares were unchanged.

Economy:

The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) is scheduled to meet during 6 to 8 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.

Buzzing Index:

The Nifty FMCG index fell 1.25% to 37,031.05, declining for second day in a row. The index has fallen 2.27% in two sessions.

Tata Consumer Products (down 2.73%), Emami (down 2.60%), Dabur India (down 2.09%), Godrej Consumer (down 2.01%), Radico Khaitan (down 1.83%), ITC (down 1.33%), Hindustan Unilever (down 1.27%), Marico (down 1.07%), Britannia Industries (down 0.98%), Colgate-Palmolive India (down 0.93%) and Nestle India (down 0.81%) declined.

Stocks in Spotlight:

IRB Infrastructure Developers fell 1.10% to Rs 225.75. CRISIL Ratings has revised its rating outlook on the long-term bank facilities of IRB Infrastructure Developers (IRBIDL) to 'Positive' from 'Stable' while reaffirming the rating at 'CRISIL A'.

Indian Energy Exchange (IEX) lost 1.02% to Rs 253.15. IEX said that it had traded 9,477 MU electricity volume and achieved 54% year on year growth in November 2021. On a sequential basis, the company's traded volume rose 3.4% in November 2021 from 9,165 MU traded in October 2021.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 6.361% compared with 6.369% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.43, compared with its close of 75.12 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement rose 0.17% to Rs 47,986.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 96.26.

In the commodities market, Brent crude for February 2022 settlement rose $1.37 or 1.96% to $71.25 a barrel.

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