Nifty below 18,500; Sensex drops 111 pts; FMCG shares decline

The frontline equity indices traded with minor losses in the mid-morning trade. The Nifty traded below the 18,500 level. Media, PSU bank and realty shares advanced while FMCG, IT and financial services shares declined.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 111.23 points or 0.18% to 62,161.45. The Nifty 50 index lost 16.95 points or 0.09% to 18,467.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.71 % while the S&P BSE Small-Cap index added 0. 68%.

The market breadth was strong. On the BSE, 2,062 shares rose, and 1,235 shares fell. A total of 138 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 0.69% to 43,937.70. The index advanced 0.88% in the previous trading session.

Among the components of the Nifty FMCG index, Hindustan Unilever (down 1.17%), Nestle India (down 1.08%), Tata Consumer Products (down 1.03%), Godrej Consumer Products (down 0.9%) and Marico (down 0.81%) Britannia Industries (down 0.56%), Dabur India (down 0.56%), ITC (down 0.37%), Varun Beverages (down 0.33%) and Colgate-Palmolive (India) (down 0.24%) were the losers.

On the other hand, Emami (up 1.44%) ,United Spirits (up 1.23%) and Radico Khaitan (up 0.83%) edged higher.

Stocks in Spotlight:

Punjab National Bank (PNB) jumped 7.68% The public sector bank said that it has received approval of DIPAM, Ministry of Finance, Government of India, for divestment of the bank's entire/part stake in UTI Asset Management Company in single or multiple tranches.

KIOCL advanced 6.02% after the company announced the resumption of operations at its pellet plant unit in Mangalore.

Global markets:

Asian markets were trading mixed on Friday amid concerns over rising Covid cases in China and inflation in Japan.

Markets in the US were closed for the Thanksgiving holiday on Thursday and will close early on Friday.

Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos said on Thursday. Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it.

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