Sensex, Nifty End Lower; FMCG Stocks Rally
Indian shares closed lower on Tuesday despite firm cues from global markets.
Investors waited for more clarity on events surrounding the Gaza conflict after Hamas reportedly accepted an Egyptian-Qatari cease-fire proposal to halt the seven-month war with Israel, but the latter said the deal didn't meet its "core demand."
As ceasefire talks continue, Israel is pushing ahead with plans for military operations in the southern city of Rafah.
Hawkish comments from a couple of Federal Reserve officials on the rate outlook also weighed on markets.
The benchmark S&P BSE Sensex ended the session down 383.69 points, or 0.52 percent, at 73,511.85 - giving up earlier gains.
The broader NSE index dropped 140.20 points, or 0.62 percent, to 22,302.50.
Among the prominent decliners, Hindalco, IndusInd Bank, ONGC, Power Grid Corp and Bajaj Auto fell 3-4 percent.
FMCG stocks rallied after reports that companies are aiming for higher volume growth in FY25 post-elections on the back of a normal monsoon season.
Media reports suggested that the industry is already witnessing signs of a rural demand recovery after a prolonged slowdown.
Hindustan Unilever surged 5.2 percent to pace the gainers while ITC, Britannia Industries and Nestle rose 1-2 percent.
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