Sensex, Nifty Marginally Lower In Early Trade; FMCG Stocks Suffer Heavy Losses
(RTTNews) - Indian shares were marginally lower in early trade on Friday after the U.S. and European markets suffered heavy losses overnight on recession worries.
The downside remained capped amid expectations that the U.S. Federal Reserve might end its tightening cycle after a 25-basis point hike at each of its next two policy meetings.
The benchmark S&P/BSE Sensex slipped 50 points, or 0.1 percent to 60,806, while the broader NSE Nifty index was down 25 points, or 0.1 percent, at 18,083.
Hindustan Unilever fell 2 percent. The FMCG giant said its board had approved raising the royalty payment to parent Unilever by 80 basis points.
Asian Paints, Titan Company and Nestle India all fell over 1 percent.
Reliance Industries fell about 1 percent ahead of its earnings release later today. Adani Enterprises edged up slightly on news it is entering the water segment.
Vedanta advanced 1.5 percent after it agreed to sell its Zinc International assets held by THLZV to Hindustan Zinc for a cash consideration of USD 2,981 million. Shares of the latter plunged 7 percent.
L&T Technology Services tumbled 3 percent despite reporting a 22 percent rise in quarterly net profit.
AU Small Finance Bank dropped half a percent despite posting the highest-ever quarterly profit from operating activities in its third quarter of FY23.
BHEL rose over 1 percent on bagging a contract worth Rs. 300 crore from Ukai Thermal Power Station in Gujarat.
Sun Pharma declined 2 percent after it agreed to acquire Concert Pharmaceuticals Inc. for $576 million.
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