FMCG stocks advance

The stock market continued to languish in negative terrain in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, fell 159.44 points or 0.48% at 33,014.95. The Nifty 50 index dropped 43.40 points or 0.43% at 10,140.75. The Sensex was trading above 33,000 level after falling below that level in intraday trade. Weakness in global stocks weighed on sentiment on the domestic bourses. FMCG stocks advanced in a weak market.

Trading was lackluster ahead of March F&O expiry and financial year ending. The March 2018 F&O contracts expire today, 28 March 2018. The stock market remains shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday.

Meanwhile, the long-term capital gains tax (LTCG) on equities proposed in the Budget last month will apply on profits made from sale of shares on or after 1 April 2018. Long-term capital gains exceeding Rs 1 lakh from sale of shares made on or after 1 April 2018 will be taxed at 10%.

Back to the day's trade, key indices started the session on a negative note amid weakness in global stocks. Indices extended losses in morning trade and traded with modest losses in mid-morning trade. Key indices trimmed losses with the Nifty hitting intraday high in early afternoon trade. Indices languished with modest losses so far till mid-afternoon trade.

Among secondary indices, the S&P BSE Mid-Cap index fell 0.51%. The S&P BSE Small-Cap index declined 0.83%. Both these indices underperformed the Sensex.

Overseas, shares in Europe and Asia dropped, mirroring overnight slide on Wall Street. US stocks closed sharply lower yesterday, 27 March 2018, erasing earlier gains, as a decline in the broader tech sector brought the major indices down. Last week, reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission, raising concerns over data privacy.

Closer home, the breadth, indicating the overall health of the market, was weak. On the BSE, 1,685 shares declined and 836 shares advanced. A total of 179 shares were unchanged.

FMCG stocks advanced. P&G Hygiene Health Care (up 1.85%), Colgate-Palmolive (India) (up 1.29%), Nestle India (up 1.1%), Dabur India (up 0.89%), Britannia Industries (up 0.41%), Godrej Consumer Products (up 0.39%), Hindustan Unilever (up 0.23%), Emami (up 0.22%) and Marico (up 0.09%) gained.

GlaxoSmithkline Consumer Healthcare (GSK Consumer) tumbled 8.96% after GlaxoSmithKline plc (GSK) announced of its intent to carry out a strategic review of GSK's Horlicks and its other consumer nutrition products which will include an assessment of its 72.45% shareholding in the company.

Aviation stocks were trading lower. Jet Airways (India) (down 3.01%) and SpiceJet (down 0.4%) declined. However, InterGlobe Aviation was up 0.05%.

On the macro front, the total revenue received under Goods and Services Tax (GST) for the month of February 2018 (received in February/March upto 26 March) has been Rs 85174 crore. 1.05 crore taxpayers have been registered under GST so far till 25 March 2018.

Meanwhile, the Lok Sabha was adjourned today, 28 March 2018 till 2 April 2018 amid protests by opposition. The budget session headed towards a washout amid clamour by parties to take up the no-confidence motion against the government. The session will conclude on 6 April 2018.

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