NSE’s Nifty 50 and BSE Sensex opened in green with Sensex trading 49 points or 0.06 % higher while the Nifty 50 opened above 22, 489 with a 0.12 % gain. On May 7 as of 09:17 am, Sensex was trading at 73,952.42 up by 0.7 % and Nifty was trading at Rs 22,466 with a rise of 24.05 points.
The Fast-Moving Consumer Goods (FMCG) shares were showing strong momentum with Marico leading the pack with over 8.5 % gains at the market opening, trading at Rs 576 apiece on BSE.
Marico reported a consolidated net profit Rs 320 crore for the fourth quarter of the financial year 2023-24, up 4.9 % from the year-ago period.
The Nifty FMCG index is trading 2.14 % higher at 55, 828.60. Godrej Consumer Products reported an increase in fourth-quarter adjusted profit driven by higher demand for its home and personal care products and is trading 7.02 % or 87.85 points higher at Rs 1,338 apiece at 9:27 at BSE.
Dabur, Colgate, Hindustan Unilever, Britannia, and Nestle India gained 4.6%, 3.14%, 2.88%, 2.32%, 2.20 % respectively. They were other key FMCG shares that have shown strong momentum in the early trade.
Reliance shares have opened flat with a 7-point dip after the company resubmitted a request for a US license to import Venezuelan oil. The shares of the oil refiner were trading 0.24 % or 6.75 points higher at Rs 2,832.25 apiece at 9:17 at BSE.
On the other hand, the shares of Lupin Ltd. Are 3.62 % lower at Rs 1, 619 apiece after the company reported a 52% year-on-year rise in consolidated net profit at Rs 359.43 crore for the January-March quarter of FY24.
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