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The key domestic indices traded near the flat line in mid-afternoon trade. The Nifty traded above the 18,650 mark after hitting day's low of 18,646.70 in afternoon trade. FMCG shares witnessed decent buying after declining for the past three trading sessions.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 94.67 points or 0.15% to 62,884.70. The Nifty 50 index added 4.95 points or 0.02% to 18,660.55
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.64% while the S&P BSE Small-Cap index gained 0.43%.
The market breadth was positive. On the BSE, 1,721 shares rose and 1,863 shares fell. A total of 190 shares were unchanged.
Investor sentiment remained weak as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears and the political turmoil in Russia point towards a challenging environment for global economic recovery.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose 0.03% to 7.076 from previous close of 7.074.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0075, compared with its close of 81.96 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement advanced 0.53% to Rs 58,614.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 102.79.
The United States 10-year bond yield declined 1.51% to 3.683.
In the commodities market, Brent crude for August 2023 settlement shed 11 cents or 0.15% to $73.74 a barrel.
Buzzing Index:
The Nifty FMCG index advanced 0.65% to 51,616.10. The index declined 1.69% in past three trading sessions.
Varun Beverages (up 3.42%), Emami (up 2.24%), Tata Consumer Products (up 2.15%), Colgate-Palmolive (India) (up 1.99%), Procter & Gamble Hygiene and Health Care (up 1.86%), Dabur India (up 0.93%), Hindustan Unilever (up 0.85%), Radico Khaitan (up 0.62%), Britannia Industries (up 0.18%) and ITC (up 0.13%) advanced.
On the other hand, United Spirits (down 0.93%), Godrej Consumer Products (down 0.38%) and Marico (down 0.29%) declined.
Stocks in Spotlight:
RattanIndia Power soared 17.74% after the company announced that it has refinanced its senior debt in a Rs 1,114 crore transaction led by Kotak Mahindra Bank.
RailTel Corporation of India declined 0.04%. The company announced that it has received a work order from Tamil Nadu State Marketing Corporation (TASMAC) computerization & connectivity of functions amounting to Rs 294.37 crore.
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