Sensex, Nifty continue to skid; ITC slips 1%, Hindalco gains 2%

Moneycontrol Bureau11:30 am FMCG outlook: The biggest positive for the market has been no big earning negatives so far, says Harendra Kumar of Elara Capital. This indicates a gradual pick-up in the economic activity. “Good tiding over next 24 months is expected,” he says. Another 5 percent upmove is expected in the current rally with some volatility expected in late May, early June, he adds. In June, decision over Britain’s exit from the European Union will be the main focus of global markets. With expectations of good monsoon and Seventh pay Commission, fast moving goods companies (FMCG) will do well. Government’s thrust on farming and rural sectors will ensure good returns, he says.Don'r miss: Steady economic growth fails to revive job market: Report

The market continues to slip away dragged by banks and IT stocks majorly. The Sensex is down 202.12 points or 0.8 percent at 25404.50, and the Nifty is down 54.50 points or 0.7 percent at 7795.30. About 1001 shares have advanced, 1029 shares declined, and 96 shares are unchanged.

Hindalco, Cipla, Lupin, Reliance and Coal India are top gainers while ICICI Bank, NTPC, Adani Ports, Dr Reddy's and ITC are losers in the Sensex.

Gold traded near a 15-month peak as a tumble in the dollar and weakness in global equities pushed up the metal to near USD 1,300 an ounce.

Several markets are shut on Monday for the Labour Day holiday.

The US dollar slumped to an 18-month low against the yen. The dollar index, which measures the greenback against a basket of six major currencies, fell for a sixth straight session to hit an eight-month low.