Stock Market Updates: Sensex, Nifty Slide Dragged by PSU Banks, FMCG, IT; Realty Gains

Stock Market Updates: The Indian equity market was trading in the red following weak global cues. At 12:20 PM, Sensex was down 471 points at the 71608 mark while Nifty shed 131 points and was trading at the 21582 level.

Around 990 stocks advanced and 1514 declined while 91 stocks remained unchanged.

Among the sectors, almost all sectors were trading in the red barring the realty index. The top losers were PSU Bank, FMCG, and IT followed by Bank Nifty, Metal, and the Pharma index.

Also read: Top 2 Buy Ideas for New Year 2024 Which Can Fetch Up To 15% Return

On the other hand, the realty index added over half a percent led by Phoenix Mills and Sobha which jumped over 4 percent each followed by DLF, Prestige Estates, and Lodha.

Top Nifty50 Gainers:

Top Nifty50 Losers:

Stocks in the news:

Godrej Consumer Products: Down 4.56%

Godrej Consumer Products‘ share price declined by 5 percent in the morning session on January 8, 2024. The company announced expectations of low-single-digit sales for the quarter ended December 31. The company stated that the domestic operating environment for FMCG companies mirrored the previous quarter, marked by low rural offtake. Nevertheless, Godrej anticipates maintaining steady underlying volume growth in the mid-single digits.

Bajaj Auto: Up 0.5%

Shares of Bajaj Auto Limited traded 1 percent higher to Rs 7,043 on January 8. The company’s board of directors is set to meet and consider a share buyback proposal.

In an exchange filing last week, Bajaj Auto stated: “The meeting of the Board of Directors of the company is scheduled on January 8 to consider and approve a proposal to buyback of fully paid-up equity shares of the company and other matters necessary and incidental thereto.”

Oil down more than 1% as Saudi price cuts offset Mid-East worries

Oil prices fell by more than 1 percent on January 8, 2024, on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East.

Brent crude slipped 1.09 percent, or 86 cents, to $77.90 a barrel. US West Texas Intermediate crude futures shed 1.15 percent, or 85 cents, to $72.96 a barrel, according to a Reuters report.

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