The FMCG index outperformed broader markets by trading on the upside front. On Tuesday, Sensex and Nifty were on a nosedive led by broad-based sell-off with banking stocks underperforming the most.
However, the FMCG company stocks were in the fast lane and lifted the Nifty FMCG index with heavyweight
Hindustan Unilever (HUL) lead the pack. Investors were upbeat on the sector ahead of the major June 2021 quarterly results scheduled for the remainder of this month.
At around 2.01 PM, Nifty FMCG was trading at 36,299.95 up by 119.55 points or 0.33%. The index has touched an intraday high and low of 36,403.15 and 36,110.65 respectively.
Heavyweight HUL is the top gainer on the index soaring by 1.5%. The company is set to announce its Q1 result on July 22, 2021.
Further, on the index,
Marico and Varun Beverages added to the winnings by soaring 1% and 0.8% respectively. Marico is scheduled to announce Q1 earnings on July 30, 2021.
Other stocks like Godrej Consumer Products, Nestle, Colgate Palmolive and United Breweries were trading marginally up. Nestle will present its Q1 figures on July 28, 2021.
Dabur stock traded flat. On the downside,
Tata Consumer Products took lead plunging 1.2% followed by Jubilant Foodworks slumping 0.7%. Emami, Mcdowell, Britannia and PGHH plunged marginally. Britannia traded on a muted level.
The sector is expected to witness a healthy first quarter of FY22 as demand continued to improve despite the shocks arising from the second wave of the pandemic. Consumer sentiments have also bettered.