Sensex, Nifty hit day's low; FMCG stocks climb

Equity indices extended losses and hit the day's low as selling pressure intensified in mid-afternoon trade. Pharma and FMCG stocks bucked weak market trend. At 14:30 IST, the barometer index, the S&P BSE Sensex, slipped 205.64 points or 0.37% at 55,586.87. The Nifty 50 index declined 57 points or 0.34% at 16,557.60.

The Sensex hit record high of 56,118.57 while the Nifty scaled record high of 16,701.85 in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.3% while the S&P BSE Small-Cap index fell 0.27%.

The market breadth was weak. On the BSE, 1,052 shares rose and 2,089 shares fell. A total of 106 shares were unchanged.

 

Stocks in Spotlight:

Canara Bank rose 2.88% to Rs 157.05 after the bank's capital planning process committee approved the opening of the qualified institutional placement (QIP) issue on 17 August 2021. The floor price of the QIP issue is Rs 155.58 per equity share, the state-run lender said in a regulatory filing. The floor price is set at a premium of 1.92% to Tuesday's closing price of Rs 152.65 per share. The issue committee of the bank's board is scheduled to be held on Monday, 23 August 2021, to consider and determine the issue price, including a discount, if any, for the equity shares to be allotted to eligible qualified institutional buyers, pursuant to the QIP issue. The bank may, at its discretion, offer a discount of not more than 5% on the floor price.

Subex jumped 4.51% to Rs 54.50 after the company said it won a seven-digit, five-year contract from Dhiraagu for integrated revenue assurance and fraud management (iRAFM) solution. Through the deployment, Dhiraagu will upgrade its systems and consolidate its standalone assurance functions to better equip themselves for the 5G era.

Buzzing Index:

The Nifty FMCG index gained 0.52% to 37,671.80. The index added 3.42% in five trading days.

United Spirits (up 7.92%), United Breweries (up 5.47%), Jubilant Foodworks (up 4.52%), Emami (up 1.25%), P&G Hygiene Healthcare (up 0.78%), Tata Consumer Products (up 0.72%) and Varun Beverages (up 0.63%) advanced.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.29 from its previous closing of 74.35.

MCX Gold futures for 5 October 2021 settlement fell 0.04% to Rs 47,261.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 93.07.

In the commodities market, Brent crude for October 2021 settlement rose 37 cents or 0.54% to $69.4 a barrel.

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