Market Commentary - Mid-Session
Sensex, Nifty pare gains; FMCG shares extends losses for 4th day As on : 14-Nov-24  11:32

The key equity benchmarks reversed all gains and traded with minor losses in mid-morning trade. The Nifty traded near the 23,500 level. FMCG shares extended losses for the fourth straight day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 183.40 points or 0.24% to 77,497.95. The Nifty 50 index lost 47.75 points or 0.20% to 23,501.90

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.43% and the S&P BSE Small-Cap index rose 0.73%.

The market breadth was positive. On the BSE, 2,030 shares rose and 1,697 shares fell. A total of 135 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Zinka Logistics Solutions received bids for 63,28,368 shares as against 2,25,67,270 shares on offer, according to stock exchange data at 11:15 IST on 14 November 2024. The issue was subscribed 0.28 times.

The issue opened for bidding on 13 November 2024 and it will close on 18 November 2024. The price band of the IPO is fixed between Rs 259 to Rs 273 per share. An investor can bid for a minimum of 54 equity shares and in multiples thereof.

Buzzing Index:

The Nifty FMCG index lost 0.83% to 56,175.70. The index slipped 3.74% in four consecutive trading sessions.

Hindustan Unilever (down 1.39%), ITC (down 1.12%), Britannia Industries (down 1.11%), Tata Consumer Products (down 1.09%), Dabur India (down 0.49%), Colgate-Palmolive (India) (down 0.46%), Nestle India (down 0.46%), Godrej Consumer Products (down 0.4%), Radico Khaitan (down 0.23%) and Procter & Gamble Hygiene and Health Care (down 0.22%) edged lower.

On the other hand, Varun Beverages (up 2.45%) ,United Spirits (up 1.74%) and United Breweries (up 1.65%) edged higher.

Stocks in Spotlight:

Shilpa Medicare jumped 4.04% after the drug maker's consolidated net profit soared 1042.68% to Rs 17.94 crore on a 9.85% rise in revenue from operations to Rs 343.80 crore in Q2 FY25 over Q2 FY24.

Eicher Motors surged 8.01% after the company's consolidated net profit increased 8.27% to Rs 1,100.33 crore on 3.8% increase in revenue from operations to Rs 4,186.38 crore in Q2 FY25 over Q2 FY24.

Vodafone Idea rose 0.95% after the telecom service provider's consolidated net loss narrowed to Rs 7,175.9 crore in Q2 FY25 as compared with Rs 8,737.9 crore reported in Q2 FY24. Revenue from operations rose 2.01% year on year (YoY) to Rs 10,932.2 crore in the quarter ended 30 September 2024.

Global Markets:

Most Asian stocks traded lower on Thursday after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.

The initial post-election rally in US equities appears to be waning. On Wednesday, the Dow Jones Industrial Average added 0.11%, while the S&P 500 index climbed 0.02%, and the NASDAQ Composite index lost 0.23%.

US consumer price index (CPI) data for October came in line with expectations, but still indicated persistent inflationary pressures. The annual CPI rose to 2.6% from 2.4% in September. Core CPI, which excludes volatile food and energy prices, increased to 3.3% year-over-year.

While these figures still support the case for a December rate cut by the Federal Reserve, the longer-term outlook for interest rates remains uncertain, especially given the potential inflationary impact of Trump's policies.

Investors are now awaiting a speech by Fed Chair Jerome Powell for further guidance on monetary policy. The Fed cut rates by 25 basis points last week and reaffirmed its data-dependent approach to future easing.

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