Nifty FMCG index outperforms in a dull market; ITC hits 52-week high as Jefferies raises target

The Nifty FMCG was trading at 41,274.45, up 475.55 points or 1.17%, after touching a high of 41,535 and a low of 40,631.95 during intraday trade on Monday.

Sep 20, 2021 02:09 IST India Infoline News Service

Stock Exchange
The Nifty FMCG index extended its last week gain to trade higher on Monday even in the dull market. The Index spiked over 475 points or 1.17% at 41,274.45 levels in the afternoon session.

The Nifty FMCG was trading at 41,274.45, up 475.55 points or 1.17%, after touching a high of 41,535 and a low of 40,631.95 during intraday trade on Monday.

Shares of ITC hit a fresh 52-week high on the BSE in the intra-day trade on Monday on expectations of improved outlook drove. Jefferies has maintained a high conviction Buy on the stock and has revised its target price upwards of Rs300 (against Rs275 earlier), with an upside scenario target price of Rs360 and downward scenario of Rs190 apiece, the media reports added.

HUL among top sectoral gainers, with the stock up over 2.67%, ITC also jumped 1.75%, whereas Marico, Jubilant Food, Britannia and Nestle soared 1% each.

On the other hand, Tata Consumer, P&G, UBL, Dabur, Godrej Consumer and Colgate fell in the negative zone.

Also, the S&P BSE FMCG Sector index increasing 128.62 points. Agro Tech Foods Ltd (up 4%), Mrs Bectors Food Specialities Ltd (up 2.38%), Parag Milk Foods Ltd (up 2.13%), Hindustan Unilever Ltd (up 2.03%), Future Consumer Ltd (up 1.58%), were the top gainers.

Among the other gainers were L T Foods Ltd (up 1.25%), Godrej Agrovet Ltd (up 1.25%), Marico Ltd (up 1.14%), CCL Products (India) Ltd (up 1.13%), and Varun Beverages Ltd (up 1.1%).

Meanwhile, Sensex was trading at 58,810.62, down 205 points or 0.35% and Nifty50 at 17,486.15, down 99 points or 0.56%.

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