Markets snap 7-day rally to end in the red led by losses in FMCG giants, RIL
- On Tuesday, Sensex ended 287 points down at 59,543 while Nifty50 closed 74 points lower at 17,656.
- FMCG giants including Hindustan Unilever, Nestle India, Britannia Industries were some of the top losers on Nifty50.
- While most FMCG firms delivered healthy Q2 earnings reports, companies are also wary of an inflationary environment.
AdvertisementWhile Indian benchmark indices began the trade on a positive note, they ended in the red due to sell off in FMCG companies and persisting poor investor sentiment, fearing recession.
On Tuesday, Sensex ended 287 points down at 59,543 while Nifty50 closed 74 points lower at 17,656. Today’s session put a break to the 7-day market rally seen which had persisted in spite of weak global trends.
Meanwhile, in Asian markets -- Seoul, Shanghai and Hong Kong ended lower, while Tokyo closed higher.
FMCG giants including Hindustan Unilever, Nestle India, Britannia Industries were some of the top losers on Nifty50 today.
While most FMCG firms delivered healthy Q2 earnings reports, companies were wary of an inflationary environment.
Last week, in September quarter earnings, HUL said that it remains cautious of inflation impacting the demand environment and says it is ‘cautiously optimistic in the near-term’.
Moreover, the fall in heavyweight Reliance Industries also dragged down the index. This comes after the Mukesh Ambani-led company, on October 21, reported a marginal decline in its net profit on a year-on-year basis.
In a one-hour Muhurat trading session on Monday, which marks the beginning of Hindu Samvat year 2079, markets were trading in green as Sensex jumped more than 500 points.
“Indian Indices ended in the positive in the Muhurat trading session in-line with most such sessions in the past. Investors hope that the positive sentiment could get carried into a new Samvat year despite some macro and global headwinds,” said Dhiraj Relli, MD & CEO at HDFC Securities.
On Monday, Foreign Institutional Investors (FIIs) offloaded shares worth ₹153.89 crore, as per exchange data.
|Top losers||% change||Top gainers||% change|
|Britannia Industries||-2.81%||Tech Mahindra||3.32%|
|Kotak Mahindra Bank||-2.71%||Maruti Suzuki India||2.79%|
|Hindustan Unilever||-2.69%||JSW Steel||2.33%|
|Bajaj Finserv||-2.63%||Eicher Motors||1.67%|
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