FMCG in focus as metals, oil & gas, realty drag; broader market under pressure
Benchmark indices were trading in the green amid volatility during the afternoon on Monday. Market extended losses to trade lower during the early trade. However, indices erased early losses. Though off the day’s high, indices were trading in the green during the afternoon, led by IT and FMCG stocks.
At 1 pm, the BSE Sensex was trading at 51,570.73, up 210.31 points or 0.41 per cent. It recorded an intraday high of 51,714.61 and a low of 51,062.93. The Nifty 50 was trading at 15,332.60, up 39.10 points or 0.26 per cent. It recorded an intraday high of 15,382.50 and 15,191.10.
Hindustan Unilever, Britannia, HDFC, Asian Paints and Ultratech Cement were the top gainers on the Nifty 50 while ONGC, Hindalco, Tata Steel, UPL and IndusInd Bank were the top laggards.
Volatility is likely to remain with no major domestic or international macroeconomic events this week. Investors will keenly watch for global cues and monitor the rise in the Covid-19 cases and the progress of monsoon in the country, as per analysts.
Metals lose shine
On the sectoral front, metals, oil & gas, realty and PSU Bank faced increased pressure while FMCG, IT and Financial Services gained.
Nifty Metal recorded the highest losses and was down over 5 per cent. Nifty Oil & Gas was down over 3 per cent while Nifty Realty was down over 2 per cent. Nifty PSU Bank was down nearly 2 per cent.
Meanwhile, Nifty FMCG was up 2 per cent. Nifty IT and Nifty Financial Services was up nearly 1 per cent each.
Broader market under pressure
Broader market remained under pressure. Nifty Midcap 50 was down 1.69 per cent while Nifty Smallcap 50 was down 2.29 per cent. The S&P BSE Midcap was down 1.49 per cent while the S&P BSE Smallcap was down 2.32 per cent. The volatility index was up 0.28 per cent to 22.82.