Sensex, Nifty Drop On Hawkish Fed Minutes; FMCG Stocks Gain

RTTNews | 734 days ago
Stocktwits
Sensex, Nifty Drop On Hawkish Fed Minutes; FMCG Stocks Gain

(RTTNews) - Indian shares were a tad lower on Thursday as caution crept in ahead of the release of U.S. jobs report due on Friday.

The dollar edged higher against major currencies and Treasury yields jumped after the June FOMC minutes confirmed a hawkish hold stance.

The benchmark S&P/BSE Sensex was down 28 points at 65,418 in early trade, while the broader NSE Nifty index was virtually unchanged at 19,397.

HCL Technologies, Bajaj Finance, Tata Steel, IndusInd Bank and Eicher Motors fell 1-2 percent in the Nifty pack, while FMCG players Britannia Industries and Nestle India were up 2-3 percent.

Indian Oil Corporation jumped 2.6 percent after announcing a rights issue.

Tata Power rallied 2.4 percent on securing an order worth Rs 1,744 crore to implement the smart metering project in Chhattisgarh State Power Distribution Company.

SAIL fell about 1 percent despite achieving record-breaking performance in the first quarter of FY 2023-24 in terms of production and sales.

JSW Steel was marginally higher on news it would replace HDFC in the BSE Sensex from July 13.

Adani Wilmar rose half a percent after it delivered strong double-digit volume growth at 25 percent for the first quarter ended June.

HDFC dropped 0.7 percent. Shares of the mortgager will be delisted following its merger with HDFC Bank.

Marico was slightly lower after the company said its consolidated revenue for the June quarter fell in the low-single digits percentage range.

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U.S. Wholesale Inventories Dip In Line With Estimates In May

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A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
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