Fast moving consumer goods, information technology, auto, and pharma sectoral indices struggled to recoup losses in Tuesday's session. These four were the only losers among the 12 sectors compiled by National Stock Exchange Ltd.
Nifty FMCG Hits Lowest Level Since May 2023
The NSE Nifty FMCG declined 1.03% and hit a 22-month low. The day's low was 50,199.35, the lowest level since May 26, 2023. The index reversed one-day gain in Tuesday's session.
Sentiment for FMCG companies changed as investors figured out that the tax incentives announced in the budget for financial year 2025-26 will only benefit companies which cater to discretionary consumption. Companies serving the need for daily essentials will not really support other FMCG companies.
Colgate Palmolive (India) Ltd., Nestle India Ltd., and Marico Ltd. shares were top loser in the index around noon.
Nifty IT Hits Eight-Month Low
The NSE Nifty IT declined 2.17% and hit an eight-month low. The index has been on a downward trajectory on concerns of monetary conditions in the US and discretionary demands. Indian IT companies conduct substantial businesses in the US.
Shares of LTIMindtree Ltd., Persistent Systems Ltd., and HCLTech Ltd. were top losers in the IT index.
Nifty Auto Falls To Nearly One-Year Low
The NSE Nifty Auto declined 1.36% and hit nearly one-year low. Bajaj Auto Ltd. and Hero MotoCorp Ltd. stocks were top loser in the index, which was trading 1.06% down at 20,321.00 as of 11:47 a.m.
Weakening currency and retail sales and overall weakness in risk-off sentiment in the markets weighed on the Nifty Auto.
Nifty Pharma Hits Eight-Month Low
The NSE Nifty Pharma snapped one day of rise to fall 1.23% and hit eight-month-low on Tuesday, tracking broad-based weakness in overall market.
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