Barometers turn rangebound; FMCG shares fall for 7th day

The key equity benchmarks turned rangebound as they traded near the day's low in early afternoon trade. The Nifty traded below the 18,250 level. FMCG stocks extended losses for seventh day in a row.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 331.85 points or 0.54% to 61,418.75. The Nifty 50 index lost 101 points or 0.55% to 18,242.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.51% while the S&P BSE Small-Cap index slipped 0.36%.

The market breadth was weak. On the BSE, 1325 shares rose, and 2016 shares fell. A total of 158 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.21% to 14.85. The Nifty 24 November 2022 futures were trading at 18,293.65, at a premium of 50.75 points as compared with the spot at 18,242.90.

The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 140.3 lakh contracts at the 18,400 strike price. Maximum Put OI of 79.7 lakh contracts were seen at 18,300 strike price.

Buzzing Index:

The Nifty FMCG index fell 0.47% to 43,639.40. The index has declined 2.65% in seven sessions.

United Spirits (down 1.85%), Emami (down 1.6%), United Breweries (down 1.28%), Britannia Industries (down 1.23%) and Godrej Consumer Products (down 1%) were the top losers.

Among the other losers were Tata Consumer Products (down 0.95%), Nestle India (down 0.71%), Dabur India (down 0.69%), ITC (down 0.67%) and Marico (down 0.29%).

On the other hand, Radico Khaitan (up 2.33%), Colgate-Palmolive (India) (up 0.51%) and Hindustan Unilever (up 0.2%) turned up.

Stocks in Spotlight:

Eicher Motors fell 1.26%. The company appointed Vidhya Srinivasan as the chief financial officer (CFO) and key managerial personnel of the company with efffect from 18 November 2022.

One 97 Communications (Paytm) rose 1.08%. As per the bulk deal data on the NSE, SoftBank's SVF India Holdings (Cayman) on Thursday, 17 November 2022, offloaded 2,93,50,000 shares or 4.52% stake in Paytm's parent at an average price of Rs 555.67 each for Rs 1,630.89 crore through an open market transaction.

As of 30 September 2022, SoftBank held a 17.45% stake in Paytm through SVF India Holdings (Cayman).

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