Nifty above 22,500 level; FMCG shares advance

The key equity benchmarks traded with major gains in mid-morning trade, supported by easing crude oil prices after US President Donald Trump ruled out near-term strikes on Iran. The positive sentiment helped the Sensex and Nifty recover some of their losses from Thursday?s sharp selloff, which wiped out more than Rs 10 lakh crore in Dalal Street wealth. The Nifty traded above the 22,500 level. FMCG shares advanced after declining in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 860.24 points or 1.19% to 72,450.33. The Nifty 50 index rose 284.60 points or 1.27% to 22,516.10.

In the broader market, the BSE 150 MidCap Index gained 1.02% and the BSE 250 SmallCap Index added 0.51%.

The market breadth was positive. On the BSE, 2,340 shares rose and 1,634 shares fell. A total of 254 shares were unchanged.

Buzzing Index:

The Nifty FMCG index jumped 1.83% to 44,694.90. The index slipped 2.9% in the past two trading sessions.

Colgate-Palmolive (India) (up 5.52%), Radico Khaitan (up 2.61%), ITC (up 2.35%), United Spirits (up 2.09%), Dabur India (up 1.99%), Britannia Industries (up 1.62%), Varun Beverages (up 1.62%), Godfrey Phillips India (up 1.41%), Marico (up 1.38%) and United Breweries (up 1.11%) rose.

Global Markets:

Asian stocks traded mixed on Friday, tracking overnight losses on Wall Street as technology stocks came under pressure amid renewed concerns over the artificial intelligence (AI) boom. Markets in South Korea and Taiwan remained closed for a holiday.

US stock market ended mixed on Thursday, with the Nasdaq Composite posting its biggest one-day decline since mid-August. The Dow Jones Industrial Average gained 0.10%, while the S&P 500 fell 0.47%. The Nasdaq Composite dropped 1.25%.

Technology stocks faced heavy selling following reports that OpenAI told investors its annualised revenue was roughly $50 billion at the end of September, below the approximately $68 billion figure reported late last month. The discrepancy revived concerns over the sustainability of AI-related spending and the returns on investments in data centres and semiconductor infrastructure.

Among major technology stocks, Nvidia fell 2.94%, Advanced Micro Devices (AMD) declined 3.90%, Broadcom dropped 4.35%, Microsoft slipped 1.35%, Intel lost 5.34%, Micron Technology declined 4.79% and Oracle fell 5.5%. The broad-based weakness reflected investor caution towards technology stocks amid questions over the pace of AI-driven growth.

Investors are now looking ahead to the start of the third-quarter earnings season next week, when major U.S. banks are due to report results.

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