Nifty tumbles below 24,450 mark; FMCG shares rally for

The key equity indices traded with significant losses in mid-afternoon trade as Donald Trump announced an extension of the ceasefire until Iranian leaders submit a unified proposal. Investor sentiment remained cautious amid uncertainty surrounding the deadline for the ceasefire in the West Asia conflict. Crude oil prices touched $100 per-barrel mark. However, market participants will track Q4 earnings. The Nifty slipped below the 24,450 mark.

FMCG shares witnessed buying demand for the second consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex declined 664.82 points or 0.86% to 78,592.66. The Nifty 50 index slumped 162.30 points or 0.66% to 24,413.25.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.33% and the BSE 250 SmallCap Index jumped 0.87%.

The market breadth was positive. On the BSE, 2,382 shares rose and 1,790 shares fell. A total of 182 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.03% to 18.24.

Economy:

The credit rating agency, Moody has lowered India?s FY27 GDP growth forecast to 6% from 6.8%. The downgrade reflects weak consumption, slower industrial output and rising energy costs due to West Asia tensions. Higher oil and gas prices may increase import bills and push up inflation. India?s dependence on Middle East energy and fertiliser imports adds to the risk. Elevated costs could hurt margins of sectors like aviation, cement and chemicals. The government may also face pressure on subsidies and fiscal balance. However, strong forex reserves, resilient services exports and ongoing infrastructure spending are expected to provide some support.

Buzzing Index:

The Nifty FMCG index jumped 0.85% to 51,252.85. The index jumped 3.42% in the three consecutive trading sessions.

Emami (up 3.98%), Tata Consumer Products (up 3.65%), Hindustan Unilever (up 2.67%), United Spirits (up 2.37%), Varun Beverages (up 2.25%), Dabur India (up 2.04%), Godrej Consumer Products (up 1.84%), Marico (up 1.67%), Nestle India (up 1.46%) and Patanjali Foods (up 1.41%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.23% to 6.907 compared with previous session close of 6.891.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.8550 compared with its close of 93.4400 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement advanced 1.10% to Rs 153,341.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 98.32.

The United States 10-year bond yield added 0.05% to 4.293.

In the commodities market, Brent crude for June 2026 settlement surged $1.61 or 1.63% to $100.09 a barrel.

Stocks in Spotlight:

Transformers & Rectifiers India declined 6.83% after the company?s consolidated net profit declined 5.2% to Rs 89.28 crore despite 15.7% increase in revenue from operations to Rs 782.67 crore in Q4 FY26 over Q4 FY25.

Maharashtra Scooters fell 0.34%. The company reported a 92.23% decline in standalone net profit to Rs 4.01 crore in Q4 FY26 as against Rs 51.63 crore in Q4 FY25. Total income slipped 3.55% year-on-year (YoY) to Rs 6.51 crore in Q4 FY26

Larsen & Toubro declined 1.19%. The company announced that its wholly-owned subsidiary L&T Energy GreenTech (LTEGL) has entered into a long-term partnership with Japan?s ITOCHU Corporation for the supply of green ammonia. Under the agreement, LTEGL will supply 300,000 tonnes per annum of green ammonia on a captive, long-term take-or-pay basis from its proposed production facility at Kandla, Gujarat.