Indian share market is continuing its losing spree for the second day. The Nifty 50 fell yesterday by 0.56% and another 0.53% within the first 2 hours of today’s session.
Yesterday, Nifty closed at 19528.75, at least saved itself from dropping below the 19500 mark, but today, the day began at 19446.30. This is worrying investors.
Stock Market at 11 a.m. Today
Around 11 a.m., all the sectoral indices except for the FMCG sector are in the red.
“While the central bank is expected to hold on to the rates, the sticky inflation level remains a challenge given the fresh upsurge in global crude oil prices. It will be interesting to observe the RBI Governor’s tone during his address, especially after the US Fed chairman last month clearly outlined his intent to raise the rates further despite keeping policy rates unchanged. The RBI would also have to evaluate its strategy considering the fact that an increase of rates in the US and no change in India will lead to money flowing from India, creating issues both on forex reserves as well the currency front.”
– Srikanth Subramanian, CEO, Kotak Cherry
Sectors in the Green Today
NSE FMCG Sector Today
The only sector rising upward in the domestic share market today is the fast-moving consumer goods (FMCG) sector. The Nifty FMGC index opened today at 51340.50, which closed yesterday at 51320.85 level. At around 11 a.m., the sector has gone up by 0.05%, which is a very nominal rise, however significant enough in a gloomy market like today.
| Sectoral Index | Change |
| NIFTY BANK | -1.1 |
| NIFTY AUTO | -1.27 |
| NIFTY FINANCIAL SERVICES | -0.86 |
| NIFTY FINANCIAL SERVICES 25/50 | -1.29 |
| NIFTY FMCG | 0.05 |
| NIFTY IT | -0.78 |
| NIFTY MEDIA | -1.42 |
| NIFTY METAL | -1.04 |
| NIFTY PHARMA | -1.48 |
| NIFTY PSU BANK | -2.3 |
| NIFTY PRIVATE BANK | -1.14 |
| NIFTY REALTY | -1.86 |
| NIFTY HEALTHCARE INDEX | -1.83 |
| NIFTY CONSUMER DURABLES | -0.62 |
| NIFTY OIL & GAS | -0.62 |
The sector has gained primarily due to two stocks – one is Emami Ltd. and the second one is Nestle India.
Top FMCG Stocks Today
- Emami Ltd. . is the top-performing share in this sector at present. The stock has gained 2.67% or 14.25 and is currently at 548.90. The previous close was at 534.65. The company continues to gain following its announcement of acquiring 26% of Axiom Ayurveda Pvt. Ltd.
- Nestle India Ltd.’s share price has gone up by 1.75% in the session of the share market today following the announcement of a stock split by the company [Source: NSE]
Apart from these two stocks mentioned above, Procter & Gamble Hygiene & Health Care Ltd. (PGHH) has also gone up significantly during the first half of today’s market session. It has gained over 1% by 11.10 a.m. today, riding on the increased sales due to the festive season.
Sectors in the Red Today
While all the sectors are in red, except FMCG, these three sectors have lost the most until now.
NSE Healthcare Sector Today
Nifty Healthcare Index is down by 1.43% in the first half of the day. Max Health, Glenmark, and Auro Pharma are the top losers until now and have a pivotal role in bringing down the overall sectoral index. Moreover, negative global market dues and rising treasury yields in the US are also affecting the domestic market, which is significantly felt in the healthcare segment.
Top Healthcare Stocks Today
- Max Health is down by 4.01% today at around 11.20 am, from the previous close of 592.20, even though CARE Ratings has upgraded its long-term bank facilities to “Positive”, from the previous rating of “Stable”.
- Glenmark share prices dropped by 3.22% from the previous day’s close at 842.60 following the announcement of the Credit ratings. [Source: NSE]
- Auro Pharma is at 886.65, down by 2.42% from yesterday’s 908.65.
NSE PSU Bank Sector Today
PSU Bank was the sector that performed the best during the previous market session, while in the share market today, it is one of the worst-performing sectors. The Nifty PSU Bank index is down by 1.63% around 11.4 am today as the market awaits RBI’s take on the interest rates. Apart from IOB and UCO Bank, which have gained 3% and 0.78%, respectively, other banks are in the red.
Top PSU Bank Stocks Today
- PNB lost 2.76% in this half of the market today following the announcement of a change in their management.
- Canara Bank is down by 2.43%, which can be primarily linked to the overall market scenario and the sector.
Stubborn inflation levels, rising crude prices, and RBI’s upcoming take on interest rates are the primary factors adversely affecting the market today, leading to the continuation of the losing spree. [Source: NSE]
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I’m Archana R. Chettiar, an experienced content creator with
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