Nifty hovers above 11,300; FMCG stocks decline for 2nd day

Domestic equity benchmarks continued to trade in the negative territory in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 73.91 points or 0.19% at 38,283.27. The Nifty 50 index lost 28.7 points or 0.25% at 11,305.15. After hitting a low of 11,251.70 in early trade, the Nifty manged to bounce back above 11,300 mark.

In the broader market, the S&P BSE Mid-Cap index fell 0.56% while the S&P BSE Small-Cap index slipped 0.32%.

The market breadth was negative. On the BSE, 951 shares rose and 1213 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty FMCG index shed 0.78% to 30,589.30, declining for second day in a row. The index has lost 2.32% in two sessions.

Among the index constituents, Tata Consumer Products (down 2.91%), United Spirits (down 1.64%), ITC (down 1.18%) and Britannia Industries (down 0.82%) were the top index losers.

Meanwhile, Varun Beverages (up 0.54%), Procter & Gamble Hygiene (up 0.33%) and Hindustan Unilever (up 0.18%) bucked the trend.

Earnings Today:

Future Lifestyle Fashions (down 5%), CG Power (up 3.02%), Info Edge (up 0.32%), HOEC (up 2.95%), General Insurance Corporation (down 0.10%) and Parag Milk Foods (up 0.24%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Goodyear India slumped 7.32% to Rs 946.50. The tyre maker posted a net loss of Rs 4.49 crore in Q1 June 2020 as against a net profit of Rs 26.25 crore posted in Q1 June 2019. Net sales declined 53.7% to Rs 226.93 crore in Q1 FY21 over Q1 FY20.

National Aluminium Company declined 1.65% to Rs 35.70. The company's consolidated net profit slumped 82.9% to Rs 16.69 crore on 33.8% drop in net sales to Rs 1,380.63 crore in Q1 June 2020 over Q1 June 2019. On the segmental front, revenue from Chemicals business was at Rs 768.50 crore (down 16.6% YoY) and the revenue from Aluminium business stood at Rs 930.58 crore (down 36.7% YoY) during the quarter.

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