Nifty below 17,050 mark; FMCG stocks decline

The key equity indices traded with minor cuts in mid-afternoon trade. The Nifty traded below 17,050 mark after hitting the day's high of 17,211.35 in early trade. FMCG stocks declined for the third straight session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 106.26 points or 0.18% to 57,793.93. The Nifty 50 index fell 5.35 points or 0.31% to 17,037.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.51% while the S&P BSE Small-Cap index advanced 0.46%.

The market breadth was positive. On the BSE, 1813 shares rose and 1630 shares fell. A total of 131 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.396 from 7.378 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.50, compared with its close of 82.37 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement was down 0.67% to Rs 57,095.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 103.72.

The United States 10-year bond yield rose 1.41% to 3.687.

In the commodities market, Brent crude for May 2023 settlement advanced $1.08 or 1.39% to $78.53 a barrel.

Buzzing Index:

The Nifty FMCG index declined 0.49% to 44,497.60, extending losses for the third session. The index was down 1.85% in three trading sessions.

Nestle India (down 1.77%), Procter & Gamble Hygiene and Health Care (down 1.63%), Hindustan Unilever (down 1.56%), Dabur India (down 1.04%), Britannia Industries (down 0.96%), United Spirits (down 0.39%), Colgate-Palmolive (India) (down 0.35%), Godrej Consumer Products (down 0.33%), United Breweries (down 0.26%) and Tata Consumer Products (down 0.19%) declined.

On the other hand, Varun Beverages (up 3.61%), Radico Khaitan (up 2.5%) and Emami (up 0.28%) advanced.

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