Nifty FMCG index ends 0.87% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) GODREJ CONSUMER 1350.05 1399.15 -49.10 -3.51 GLAXOSMITH C H L 7250.10 7499.45 -249.35 -3.32 HIND. UNILEVER 1606.25 1651.20 -44.95 -2.72 BRITANNIA INDS. 6196.50 6344.05 -147.55 -2.33 GODREJ INDS. 603.00 612.15 -9.15 -1.49
The S&P BSE Sensex ended at 38,018, down 140 points while the broader Nifty50 index settled at 11,477, down 43 points.
Earlier in the day, the rupee pared its initial gains to drop to a fresh all-time low of 71.97 against the US dollar in intra-day deals.
Among key stocks, Reliance Industries (RIL) fell around 1.5 per cent at Rs 1,224 levels and was among the top Sensex losers.
FMCG stocks weak
In sectors, the Nifty FMCG index slipped 0.9 per cent, weighed by fall in Godrej Consumer Products and Hindustan Unilever (HUL), which lost 2.7 per cent to end the day at Rs 1,606 levels.
While most analysts believe the fundamentals of FMCG stocks continue to be strong, the concern is largely on absolute valuations and the premium the sector gets, as compared to the broader markets. READ MORE HERE
India's dominant services sector expanded at a slower pace last month than in July as weaker demand and rising input costs kept a lid on hiring, a private survey showed on Wednesday.
The Nikkei/IHS Markit Services Purchasing Managers' Index (PMI) declined to 51.5 in August from a 21-month high of 54.2 in July.
(with wire inputs)