FMCG shares traded under pressure on Friday with sector gauge Nifty FMCG down 0.65 percent in early trade. Only 3 out of 15 stocks listed on the gauge traded positive led by Dabur. Among laggards, UBL, McDowell, Radico, Tata Consumer, ITC, Marico declined by up to 3 percent.

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At 9.54 am, Nifty FMCG was at 38,011.50, down 0.65 percent, after opening at 38,050.55. It hit the day's high at 38,097.20 and low at 37,874.35.

ITC shares dipped over 1.6 percent, trading at Rs 227.55 at 10.11 am. Hindustan Unilever was flat, down by 0.10 percent, quoting at Rs 2,346.80.

This is despite FMCG majors like ITC and HUL set to hike prices of biscuits, detergents and soaps anywhere between 3 and 21 percent, as per a CNBC-TV18 report.

Among alcohol stocks, Radico Khaitan was down 2.08 percent with shares trading at Rs 1,087.05, while UBL shares were down 3.26 percent, topping the laggards, quoting at Rs 1,515.45.

Indian shares started Friday's trade sharply lower with selling across sectors as concerns over a new COVID-19 mutant variant dampened investor sentiment across Asia and global markets.

The Centre has asked all states and union territories to conduct rigorous screening and testing of all international travellers from South Africa, Hong Kong and Botswana where multiple cases of a COVID-19 variant B.1.1529 have been reported.

The 30-scrip index plunged as much as 880.9 points or 1.5 percent to 57,914.2 in early deals after a gap-down opening. The Nifty50 benchmark slid to as low as 17,272, down 264.3 points or 1.5 percent from its previous close.

At 10.15 am, the 30-share BSE Sensex traded 980 points down at 57,815. The broader Nifty50 declined 291 points to trade at 17,245.

Barring the pharmaceutical series, all sectors were deep in the red in early deals. Broader markets also weakened with the midcap and smallcap indices down 0.9 percent and 0.4 percent, respectively.

Also, catch all the live updates from the stock markets with CNBC-TV18.com's blog

(Edited by : Ajay Vaishnav)

First Published:Nov 26, 2021 10:40 AM IST