Indices trade with deep cuts; FMCG shares rally for 3rd day

The headline equity indices traded with significant losses in afternoon trade, following a subdued market sentiment ahead of Tata Consultancy Services' quarterly results, with expectations of fewer rate cuts in the U.S. in 2025 adding to market caution. The Nifty traded below the 23,600 level. FMCG shares extended gains for the third consecutive trading session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, declined 495.45 points or 0.63% to 77,656.87. The Nifty 50 index tumbled 151.25 points or 0.64% to 23,537.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.63% and the S&P BSE Small-Cap index fell 0.88%.

The market breadth was weak. On the BSE, 1,234 shares rose and 2,666 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty FMCG index added 0.95% to 57,505.95. The index gained 1.4% in three consecutive trading sessions.

Marico (up 4.43%), Colgate-Palmolive (India) (up 3.48%), Godrej Consumer Products (up 2.38%), Nestle India (up 1.86%), Hindustan Unilever (up 1.81%), Dabur India (up 1.45%), Britannia Industries (up 1.39%), Tata Consumer Products (up 1.07%), Procter & Gamble Hygiene and Health Care (up 0.98%) and United Breweries (up 0.53%) advanced.

On the other hand, Radico Khaitan (down 0.77%), Varun Beverages (down 0.76%) and Balrampur Chini Mills (down 0.67%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.82% to 6.890 as compared with the previous close of 6.878.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.9125, compared with its close of 85.9100 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement rose 0.26% to Rs 77,943.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 109.17.

The United States 10-year bond yield shed 0.51% to 4.669.

In the commodities market, Brent crude for the March 2025 settlement advanced 12 cents or 0.16% to $76.28 a barrel.

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