Sensex, Nifty Slightly Lower In Early Trade; FMCG Stocks Underperform
(RTTNews) - Indian shares opened lower on Friday, tracking weak global markets as investors reacted to Fed Chair Jerome Powell's cautious remarks on further rate hikes and a surge in oil prices to over the $90-a barrel mark amid escalating tensions in the Middle East.
The benchmark S&P BSE Sensex slipped 135 points, or 0.2 percent, to 65,498 in early trade while the broader NSE Nifty index was down 53 points, or 0.3 percent, at 19,571.
Hindustan Unilever gave up 1.5 percent after reporting muted growth in standalone net profit for Q2FY24.
ITC fell 1.6 percent on reporting a 10 percent rise in Q2 net profit.
Tata Motors rose about 1 percent on news it would acquire a 26.79 percent stake in digital logistics solutions platform Freight Tiger for Rs 150 crore (approximately $18 million).
South Indian Bank added 1.3 percent after posting 23 percent growth in quarterly net profit.
Dabur India dropped 1.4 percent. The company issued a statement saying that its subsidiaries were sued in the U.S. and Canada over allegation that their hair-relaxer products have caused ovarian cancer, uterine cancer and other related health issues.
Voltas shed half a percent after its board approved raising funds via NCDs.
NTPC was down slightly despite reporting an 83 percent rise in coal production in the April-September period.
Yatharth Hospital plunged 6.6 percent. The Income Tax department raided several premises of Yatharth Hospital group in Uttar Pradesh and Delhi on charges of tax evasion.
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