Broader market outperforms; FMCG stocks advance

The key equity benchmarks traded sideways in the mid-afternoon trade. The Nifty traded above the 24,700 level after hitting the days low of 24,654.50 in early trade. FMCG stocks advanced after declined in the previous trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, shed 7.55 points or 0.01% to 80,795.31. The Nifty 50 index rose 37.20 points or 0.15% to 24,736.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.22% and the S&P BSE Small-Cap index rose 0.77%.

The market breadth was strong. On the BSE, 2,492 shares rose and 1,382 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty FMCG index gained 1.46% to 63,150.65. The index declined 0.14% in the last trading session.

Varun Beverages (up 3.5%), United Breweries (up 2.46%), Dabur India (up 1.92%), ITC (up 1.74%) and Marico (up 1.17%), Hindustan Unilever (up 0.97%), Britannia Industries (up 0.81%), Nestle India (up 0.73%), Procter & Gamble Hygiene and Health Care (up 0.64%) and Tata Consumer Products (up 0.6%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal advanced 1.62% to 6.967 as compared with previous close 6.970.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9300, compared with its close of 83.7700 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.16% to Rs 71,889.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 101.52.

The United States 10-year bond yield slipped 0.15% to 3.812.

In the commodities market, Brent crude for October 2024 settlement rose 2 cents or 0.03% to $77.22 a barrel.

Stocks in Spotlight:

Indoco Remedies gained 4.26% after the firm received final approval from the US Food and Drug administration (USFDA) for its abbreviated new drug application (ANDA) for Lofexidine Tablets.

Cyient advanced 3.64%. after the company announced that its board has approved the sale of 14.50% stake in its subsidiary, Cyient DLM through block deal.

In a regulatory filing, Cyient stated, The board of directors has considered and approved the sale of up to 1,14,99,390 equity shares i.e. approximately 14.50% of the total outstanding equity shareholding of its subsidiary, Cyient DLM, by way of a share sale utilizing the block deal window mechanism provided by the stock exchanges (in one or more tranches).

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