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Indices trim gains; FMCG under pressure

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The benchmark indices trimmed gains in mid-morning trade. FMCG stocks continued to witness selling pressure. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 94.88 points or 0.24% at 40,379.07. The Nifty 50 index was up 26 points or 0.22% at 11,910.50.

The S&P BSE Mid-Cap index was down 0.04%. The S&P BSE Small-Cap index was up 0.42%.

The market breadth was positive. On the BSE, 1017 shares rose and 1015 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Buzzing Index:

The Nifty FMCG was down 0.55% to 30,992.55, extending losses for seventh straight session. The index has fallen 4.74% in seven sessions to 30,992.55 from a recent closing high of 32,535.90 on 7 November 2019.

Among the sectoral components, Dabur India (down 1.29%), Hindustan Unilever (down 0.98%), Jyothy Laboratories (down 0.88%), GlaxoSmithKline Consumer Healthcare (down 0.73%), Procter & Gamble Hygiene & Health Care (down 0.53%), Britannia Industries (down 0.38%), Colgate Palmolive (India) (down 0.1%), Godrej Consumer Products (down 0.01%) declined.

Marico (up 0.2%), Bajaj Corp (up 0.15%), Tata Global Beverages (up 0.07%) and Nestle India (up 0.06%) advanced.'

Stocks in Spotlight:

Siemens was down 0.31% to 1548.45, ahead of its Q4 earnings today.

Welspun Corp rose 2.62% to Rs 137.10. The Competition Commission of India has approved the acquisition of the 'Plates & Coils Mill Division' from Welspun Corp by Laptev Finance.

The company, in an exchange filing dated 31 March 2019, had informed about the divestment of its plate and coil mill division (PCMD) and its 43 MW power division for a total consideration of approximately Rs. 940 crore.

Castrol India advanced 4.36% to Rs 150.80. a global brokerage has maintained buy and raised target to Rs 165 from Rs 142 per share. According to the brokerage, the Q3CY19 volumes were down sharply in a seasonally weak quarter, while margins still growing on strong realisations and good cost control.

Foreign Markets:

Overseas, Asian stocks were trading mixed on Tuesday as investors awaited clearer news on the progress of trade negotiations between the two major economies.

US stocks eked out fresh all-time highs on Monday, notching slight gains as progress toward a so-called phase-one U.S.-China trade agreement remained elusive.

The Trump administration on Monday issued a 90-day extension of a license allowing U.S. companies to continue doing business with Chinese telecom giant Huawei Technologies Co.

Chinese Vice Premier Liu He, the country's top trade negotiator, reportedly held a phone conversation with U.S. Trade Rep. Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday, describing the discussions as constructive.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 19 2019. 11:21 IST