Indices bounce back; FMCG shares under pressure

Key equity indices bounced from the day's low in mid-afternoon trade. FMCG shares declined for fourth sessions. The Nifty regained the 15,000 mark.

At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 271.16 points or 0.54% to 50,712.23. The Nifty 50 index added 54.40 points or 0.36% at 15,010.60.

Sentiment was lifted by positive global cues. US Dow index futures was up 197 points, indicating a positive opening in the US stocks on Tuesday.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index slipped 1.10%. The S&P BSE Small-Cap index shed 0.92%.

Sellers outnumbered buyers. On the BSE, 1100 shares rose and 1819 shares fell. A total of 200 shares were unchanged.

Numbers to Track:

In the commodities market, Brent crude for May 2021 settlement rose 34 cents to $68.58 a barrel. The contract lost 1.16% or $1.12 to settle at $68.24 a barrel in the previous session.

The yield on 10-year benchmark federal paper fell to 6.214% as compared to its previous close of 6.223%.

In the foreign exchange market, the partially convertible rupee rose to 72.97, compared with its previous closing of 73.25.

MCX Gold futures for 5 April 2021 settlement added 0.55% to Rs 44,459.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.33% to 91.942.

Buzzing Index:

The Nifty FMCG index was down 0.60% to 32,991.05, extending decline for fourth day. The index has lost 1.38% in four days while the benchmark Nifty 50 has declined by 1.73% during the same period.

Emami (down 3.45%), Tata Consumer Products (down 1.92%), Britannia Industries (down 1.59%), Jubilant Foodworks (down 1.40%), Godrej Consumer (down 1.60%), Dabur India (down 0.99%), Varun Beverages (down 0.90%), United Spirits (down 0.75%), Colgate-Palmolive India (down 0.62%) and Procter & Gamble Hygiene (down 0.49%) declined.

Meanwhile, United Breweries (up 1.49%) and Hindustan Unilever (up 0.37%) bucked the trend.

Stocks in Spotlight:

Solar Industries India fell 1.88% to Rs 1376.85. CRISIL has reaffirmed its 'CRISIL AA+/Stable/CRISIL A1+' ratings on the bank facilities and commercial paper of Solar Industries India (SIIL; a part of the Solar group).

Indoco Remedies rose 2.98% to Rs 284.85 after the drug company on Tuesday announced the launch of brinzolamide ophthalmic suspension, 1% in the US market. The suspension is used to treat high pressure inside the eye due to ocular hypertension and open-angle glaucoma. According to IQVIA data, the US market size of this product is $184 million as of December 2020.

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