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The domestic indices traded with modest losses in mid-afternoon trade. The Nifty traded below the 19,400 level after hitting the day's high of 19,523.60 in morning trade. FMCG shares witnessed selling pressure for two trading sessions.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 348.40 points or 0.53% to 65,437.24. The Nifty 50 index lost 118.30 points or 0.61% to 19,379.
In the broader market, the S&P BSE Mid-Cap index slipped 0.68% while the S&P BSE Small-Cap index declined 0.26%.
The market breadth was negative. On the BSE, 1,376 shares rose and 2,026 shares fell. A total of 139 shares were unchanged.
Buzzing Index:
The Nifty FMCG index declined 1.09% to 53,181.15. The index fell 1.11% in two trading sessions.
United Spirits (down 2.43%), Dabur India (down 2.29%), Radico Khaitan (down 2.2%), Emami (down 2.03%) United Breweries (down 1.99%) Britannia Industries (down 1.82%), Marico (down 1.35%), Godrej Consumer Products (down 1.21%), Hindustan Unilever (down 0.97%) and ITC (down 0.96%) declined.
On the other hand, Varun Beverages (up 1.26%), Colgate-Palmolive (India) (up 0.28%) and Procter & Gamble Hygiene and Health Care (up 0.23%) advanced.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper shed 0.04% to 7.144 from previous close of 7.147.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7550, compared with its close of 82.600 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement declined 0.06% to Rs 58,365.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.09.
The United States 10-year bond yield added 0.05% to 4.047.
In the commodities market, Brent crude for September 2023 settlement added 11 cents or 0.14% to $76.63 a barrel.
Stocks in Spotlight:
Olectra Greentech surged 16.71% after consortium of the company and Evey Trans has received Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) to supply 5,150 electric Buses. Value of the electric buses would be approximately Rs 10,000 crore.
Punjab & Sind Bank declined 1.85%. The company reported 10.88% increase in gross advances to Rs 80,638 crore as on 30 June 2023 as against Rs 72,727 crore as on 30 June 2022.
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