The start of the July series has been volatile for Indian markets and FMCG stocks emerged as top bears on Friday despite the normal onset of monsoon, the slowdown in Covid-19 second wave, improvement in consumer sentiments and speedy vaccination drive. The Nifty FMCG index was struggling to hold 36,000-level.
However, FMCG stocks remain among top picks during monsoon as rural economy revival prospects in the pandemic is expected.
At around 12.37 PM, Nifty FMCG was trading at 36,069.90 plunged by 172.65 points or 0.48%. The index had touched an intraday high and low of 36,329.25 and 36,013.25 respectively.
Earlier, this week, the index had hit a fresh record high of 36,565.25 with heavyweights witnessing a sharp bull run. Notably, investors today booked profits in these stocks.
Emami was the top underperformer plunging by 1.9% followed by Mcdowell and Dabur diving by 1.6% and 1.3% respectively.
Index heavyweight Hindustan Unilever snapped from its record level and weighed down the most on Nifty FMCG. The stock has plunged by 1.3%.
While Jubilant Foodworks slipped by 1.2%, Marico shed 1%. PGHH and Britannia fell by 0.8% each. Colgate and Nestle contracted by 0.7% and 0.6% respectively. Varun Beverages was marginally down.
On the contrary, ITC was the top gainer soaring 0.8%. United Breweries followed with 0.76% upside. Godrej Consumer and Tata Consumer surged marginally.