Nifty above 21,950 mark; FMCG shares advance; VIX slumps 25.32%

The headline equity benchmarks traded with moderate gains in morning trade. The Nifty traded above the 21,950 mark. FMCG shares witnessed buying demand for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex was up 209.37 points or 0.26% to 72,269.88. The Nifty 50 index added 83.50 points or 0.38% to 21,968.

In the broader market, The S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index fell 0.57%.

The market breadth was negative. On the BSE, 1,421 shares rose and 2,056 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 25.32% to 19.97.

Lok Sabha Elections:

The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.

Buzzing Index:

The Nifty FMCG index jumped 5.07% to 57,970.35. The index rallied 7.13% in three consecutive trading sessions.

Hindustan Unilever (up 7.68%), United Spirits (up 7.32%), Dabur India (up 6.31%), Britannia Industries (up 6.1%), United Breweries (up 6.05%), Marico (up 5.61%), Tata Consumer Products (up 5.53%), Colgate-Palmolive (India) (up 5.46%), Godrej Consumer Products (up 5.34%) and Nestle India (up 4.4%) advanced.

Stocks in Spotlight:

Wipro rose 1.64% after the company announced that it has partnered with Zscaler to introduce Wipro Cyber X-Ray, an AI-assisted decision support platform.

Hindalco Industries tumbled 5.26% after the companys wholly owned subsidiary Novelis Inc. announced the postponement of its initial public offering due to market conditions.

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