Benchmarks drop over 1%; FMCG shares under pressure

The domestic equity indices traded with sharp losses in the early afternoon trade. Sentiment remained cautious following the introduction of new AI model by Anthropic, the development intensified concerns about the long-term implications for outsourcing-driven IT business models. Traders remained cautious, shifting toward a risk-off stance. The Nifty traded near 25,500 level.

FMCG shares tumbled for second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex tumbled 964.01 points or 1.15% to 82,710.941. The Nifty 50 index tanked 306.45 points or 1.18% to 25,501.60.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 1.32% and the BSE 250 SmallCap Index slipped 1.20%.

The market breadth was weak. On the BSE, 1,294 shares rose and 2,828 shares fell. A total of 164 shares were unchanged.

Buzzing Index:

The Nfity FMCG index fell 1.55% to 51,080.25. The index fell 2.06% in the two consecutive trading sessions.

Hindustan Unilever (down 3.6%), Patanjali Foods (down 1.77%), Radico Khaitan (down 1.67%), Nestle India (down 1.65%), Britannia Industries (down 1.53%), Varun Beverages (down 1.5%), Tata Consumer Products (down 1.16%), Marico (down 1.08%), Godrej Consumer Products (down 0.97%) and United Spirits (down 0.88%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 6.688 compared with previous session close of 6.686.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.7150 compared with its close of 90.6100 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement rose 0.67% to Rs 158,050.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 96.96.

The United States 10-year bond yield rose 0.22% to 4.113.

In the commodities market, Brent crude for April 2026 settlement shed 10 cents or 0.15% to $67.42 a barrel.

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