Nifty above 16,500 level, FMCG stocks decline

The key equity indices traded with modest losses in the early afternoon trade. The Nifty traded a tad above the 16,500 level. Barring the Nifty Media index, all the sectoral indices on the NSE were in the red.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 222.71 points or 0.40% to 55,543.51. The Nifty 50 index lost 77.75 points or 0.47% to 16,553.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index declined 0.69%.

The market breadth was negative. On the BSE, 1,194 shares rose and 1,822 shares fell. A total of 148 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.93% to 18.0225. The Nifty 28 July 2022 futures were trading at 16,542.35, at a discount of 10.9 points compared with the spot at 16,553.25.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 112.9 lakh contracts at the 17,000 strike price. Maximum Put OI of 83.7 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty FMCG index declined 1.09% to 41,927.The index fell 1.35% in past two sessions.

Marico (down 2.05%), Hindustan Unilever (down 2.04%), Britannia Industries (down 1.93%), Tata Consumer Products (down 1.78%), Nestle India (down 1.77%), Dabur India (down 1.25%), Procter & Gamble Hygiene and Health Care (down 1.07%), Godrej Consumer Products (down 1.05%), Colgate-Palmolive (India) (down 0.91%) and United Spirits (down 0.91%) edged lower.

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