Benchmarks trade with modest gains; FMCG shares decline

The domestic equity barometers traded with modest gains in mid-afternoon trade. The Nifty was trading near 17,850 mark. FMCG shares witnessed significant selling pressures.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 152.64 points or 0.25% to 60,038. The Nifty 50 index gained 25.40 points or 0.14% to 17,848.35.

The Sensex hit a record high of 60,333 while the Nifty hit an all-time high of 17,947.65 in morning trade.

The broader market indices underperformed the benchmarks. The S&P BSE Mid-Cap index fell 1.17%. The S&P BSE Small-Cap index shed 0.44%.

In the broader market, Rashtriya Chemicals and Fertilizers (up 16.18%), National Fertilizers (up 11.69%), K.P.R. Mill (up 9.54%), KEI Industries (up 8.81%) and Oberoi Realty (up 8.84%) were the top gainers.

Hemisphere Properties India (down 4.54%), The Indian Hotels Company (down 4.48%), PVR (down 4.19%), Dr Lal Path Labs (down 4.17%) and Lemon Tree Hotels (down 4.08%) were the top losers.

Sellers outnumbered buyers. On the BSE, 1452 shares rose and 1683 shares fell. A total of 166 shares were unchanged.

Economy:

The Reserve Bank of India (RBI) Governor Shaktikanta Das said that there are signs that the world is emerging from the shadow of coronavirus. While delivering the keynote address at the 48th National Management Convention of the All India Management Association, Das said the time is right to plan for an economy that is stronger, more inclusive and sustainable.

Stating that the pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and health tech, RBI Governor Shaktikanta Das said the forces of 'creative destruction' are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy.

Talking about the achievements of India's manufacturing sector, Das said the country has turned from being an importer to an exporter of mobile phones. He said the trend is likely to spill over to other sectors also; enhancing India's share in the Global Value Chain and increasing the competitiveness of India's large and Micro, Small and Medium Enterprises.

However, warning of uneven global recovery, the RBI Governor said multilateralism will lose credibility if it fails to ensure equitable access to vaccines across countries. He added that securing the health and immunity of the poor would mean a great leap towards inclusive growth.

Buzzing Segments:

The Nifty FMCG index slipped 1.09% to 41,096.15. The index rose 0.10% yesterday.

United Breweries (down 2.46%), Jubilant Foodworks (down 2.13%), Tata Consumer Products (down 1.80%), Hindustan Unilever (down 1.57%), Godrej Consumer (down 1.45%) and ITC (down 1.36%) declined.

Further, Marico (down 1.12%), Colgate-Palmolive India (down 0.86%), Varun Beverages (down 0.80%), Procter & Gamble Hygiene (down 0.65%) and United Spirits (down 0.55%) edged lower.

Meanwhile, Dabur India (up 1.01%) and Britannia Industries (up 0.41%) bucked the trend.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.65 from its previous closing of 73.87.

MCX Gold futures for 5 October 2021 settlement rose 0.04% to Rs 46,073.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.35% to 93.14.

In the commodities market, Brent crude for November 2021 settlement rose 29 cents or 0.38% to $77.54 a barrel.

The yield on 10-year benchmark federal paper rose to 6.184% from its previous close of 6.140%.

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