Market Commentary - Mid-Session
Sensex, Nifty pare gains; FMCG shares under pressure As on : 12-Nov-24  11:33

The key equity benchmarks reversed all gains and traded near the flatline with some negative bias in mid-morning trade. The Nifty slipped below the 24,150 mark. FMCG shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 6.40 points or 0.01% to 79,493.26. The Nifty 50 index lost 4.90 points or 0.02% to 24,136.40.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index added 0.61%.

The market breadth was positive. On the BSE, 2,068 shares rose and 1,695 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty FMCG index fell 0.92% to 57,314.40. The index slipped 1.79% in two trading sessions.

Britannia Industries (down 4.4%), Godrej Consumer Products (down 2.58%), Marico (down 2.39%), Colgate-Palmolive (India) (down 1.28%), Nestle India (down 0.66%), Hindustan Unilever (down 0.55%), Dabur India (down 0.47%), United Spirits (down 0.4%), ITC (down 0.28%) and United Breweries (down 0.12%) edged lower.

On the other hand, Procter & Gamble Hygiene and Health Care (up 1.24%) ,Balrampur Chini Mills (up 0.37%) and Radico Khaitan (up 0.14%) edged higher.

Stocks in Spotlight:

Hindalco Industries rose 0.63%. The Aditya Birla Group company's consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.

Maithan Alloys added 3.69% after the company's consolidated net profit zoomed 132.24% to Rs 143.85 crore in Q2 FY25 as against Rs 61.94 crore posted in Q2 FY24. Revenue from operations was at Rs 464.22 crore in the second quarter of FY25, up 4.63% as against Rs 443.65 crore posted in corresponding quarter previous fiscal.

Landmark Cars rose 0.52%. The company reported 99.90% decline in consolidated net profit to Rs 0.02 crore in Q2 FY25 as against Rs 20.16 crore posted in Q2 FY24. Revenue from operations jumped 17.72% YoY to Rs 907.27 crore in the quarter ended 30 September 2024.

Global Markets:

Asian stocks declined on Tuesday, with investors exercising caution even as the Dow Jones Industrial Average's post-election rally continued to gain momentum to close at a record high.

Traders in Asia-Pacific are also parsing a swathe of economic data in the region, including a survey from the National Australia Bank on business conditions and Indonesia's retail sales in September.

Concerns about potential trade tensions between the U.S. and China, particularly regarding tariffs on Chinese goods, contributed to the market's downturn.

The US stock market closed on a high note on Monday, with all major indexes hitting record highs. The Dow Jones Industrial Average surpassed the 44,000 mark for the first time, gaining 0.69% to 44,293.13. The S&P 500 and Nasdaq also rose, up 0.10% to 6,001.35 and 0.06% to 19,298.76, respectively.

Tesla's stock surged 9%, boosting its market value to over $1.1 trillion. Microsoft, Amazon, and Meta Platforms saw slight declines of around 1% each. Nvidia's stock fell 1.6%. Bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.

While the market has been on a strong upward trend, investors are becoming cautious ahead of the release of key consumer price index (CPI) inflation data on Wednesday.

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