The key equity benchmarks continued to trade with limited losses in early afternoon trade. The Nifty traded tad above the 17,250 mark. FMCG shares witnessed some bit of profit booking after advancing in the past five sessions.
At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 224.66 points or 0.39% to 57,911.70. The Nifty 50 index declined 88.75 points or 0.51% to 17,256.70.
In the broader market, the S&P BSE Mid-Cap index lost 1.23% while the S&P BSE Small-Cap index shed 0.76%.
The market breadth was weak. On the BSE, 1,063 shares rose and 2,143 shares fell. A total of 140 shares were unchanged.
The market selloff came amidst geopolitical tensions between the U.S. and China. Investors kept a close eye on U.S. House Speaker Nancy Pelosi’s movement as she visited Taiwan the much anticipated stop on the trip that has angered China.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, rose 1.96% to 18.90. The Nifty 25 August 2022 futures were trading at 17,265, at a premium of 8.3 points as compared with the spot at 17,256.70.
The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 21 lakh contracts at the 18,000 strike price. Maximum Put OI of 23.6 lakh contracts were seen at 16,500 strike price.
The Nifty FMCG index fell 1.14% to 42,311.75. The index had advanced 2.39% in the past five sessions.
United Spirits (down 2.41%), Godrej Consumer Products (down 2.07%), Radico Khaitan (down 2.05%), Dabur India (down 1.73%) and United Breweries (down 1.55%) were the top index losers.
Among the other losers were Britannia Industries (down 1.3%), ITC (down 1.26%), Tata Consumer Products (down 0.96%), Marico (down 0.91%) and Nestle India (down 0.88%).
On the other hand, Varun Beverages (up 1.25%), Procter & Gamble Hygiene and Health Care (up 0.64%) turned up.
Stocks in Spotlight:
MOIL jumped 7.50% to Rs 170.65 after the company’s standalone net profit jumped 66.3% to Rs 102.78 crore in Q1 FY23 from Rs 61.80 crore posted in Q1 FY22. Net sales rose by 28% year on year to Rs 375.59 crore from Rs 293.32 crore in the quarter ended 30 June 2022.
Indus Towers slumped 7.71% to Rs 202.35 after the company’s net profit tumbled 66% to Rs 477.30 crore on 1.5% increase in net sales to Rs 6,897.30 crore in Q1 FY23 over Q1 FY22.
Inox Wind rose 1.02% to 99.30 after the company said that it has bagged an order for a 200 MW wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC Limited, to be commissioned in the state of Gujarat.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)