Nifty hovers above 24,700; FMCG shares slide

The benchmark indices continued to trade in a narrow range with decent gains in mid-afternoon trade. The Nifty hovered above the 24,700 level. FMCG stocks declined after advancing in the previous two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 435.27 points or 0.54% to 80,859.95. The Nifty 50 index added 141.15 points or 0.57% to 24,713.80.

In the broader market, the S&P BSE Mid-Cap index added 0.82% and the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 2,288 shares rose and 1,595 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty FMCG index declined 0.34% to 62,116.75. The index advanced 1.67% in past two trading sessions.

United Breweries (down 1.94%), Godrej Consumer Products (down 0.98%), Varun Beverages (down 0.97%), Tata Consumer Products (down 0.5%), ITC (down 0.43%), Procter & Gamble Hygiene and Health Care (down 0.22%), Hindustan Unilever (down 0.14%), Marico (down 0.04%) edged lower.

On the other hand, Balrampur Chini Mills (up 5.26%) ,Radico Khaitan (up 0.95%) and Britannia Industries (up 0.58%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 1.52% to 6.968 as compared with previous close 6.978.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.7975, compared with its close of 83.8775 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement gained 0.57% to Rs 71,994.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.11% to 101.77.

The United States 10-year bond yield slipped 0.13% to 3.866.

In the commodities market, Brent crude for October 2024 settlement lost 61 cents or 0.79% to $77.05 a barrel.

Stocks in Spotlight:

Granules India added 1.77% to Rs 673.95 after the US Food and Drug Administration (FDA) approved its abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution. The drug is an anticholinergic medication indicated for pediatric patients aged three to 16 years who have neurological conditions associated with problem drooling.

Axiscades Technologies added 2.33% to Rs 555.90 after the company announced that its subsidiary, Epcogen, has been awarded a long-term contract by Highview Power, a British energy storage technology producer.

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