Nifty Consumer Durables shed over 3%; Except Whirlpool, TTK Prestige, all stocks in red; Bata India, Rajesh Exports, Titan top bears

Consumer Durable stocks were under bloodbath on Thursday amid corporate earnings season, bearish markets tone, F&O expiry and ahead of Union Budget 2022-23. Nifty Consumer Durables took the most beating on the exchange as heavyweight stocks dragged the performance.

Nearly 3.5% drop was recorded in the index so far today. Also, the index erased over 27,000-mark and struggled near 26,650.

At around 11.50 pm, the Nifty Consumer Durables was trading at 26,647.40 lower by 838.60 points or 3.05%. The index has touched an intraday low of 26,530.75.

Except for Whirlpool and TTK Prestige, all other stocks listed on the index were in the red. These two stocks surged by 0.5% each.

Bata India was the top bear plunging by 5% followed by Rajesh Exports and Titan shedding 4.9% and 4%. Havells India dropped 3.8%. Crompton Greaves and Blue Star plunged by 2.6% and 2.5%. Voltas and Amber dipped more than 2%.

Orient Electric, VGuard, Relaxo and Kajaria Ceramics was marginally down.

This Budget 2023, consumer durables will be in focus. The industry as per reports is expecting a reduction in the number of returns and efficient disposal of litigation. Further, the industry expects an availment of GST credit. Also, the sector expects the government to address the price hike issue amid inflationary pressure.