FMCG stocks advance as import duty on crude edible oil gets scrapped; ITC hits new high to lead the bull run

Emami was also in the fast lane. Radico Khaitan emerged the laggard again.

October 14, 2021 12:50 IST | India Infoline News Service
Bull market presents uptrend stock market
Nifty FMCG Index rose 1% mirroring bullish markets on Thursday. ITC Limited led the gains for the third consecutive day, hitting a new peak of Rs261.85 per piece in the early deals. Emami was also in the fast lane. Radico Khaitan was the laggard for the second consecutive day.

The central board of indirect taxes and customs has scrapped import duties on crude varieties of palm oil, soyabean oil, and sunflower oil until March 31, 2022, which lifted investor spirits. However, duties on refined soya oil and refined sunflower oil still remain in place. The positive global cues, quarterly earnings, festive season also played on investors' minds.

Domestic equity market BSE Sensex and Nifty 50 were trading at fresh record high levels on Thursday, a day of weekly F&O expiry. Nifty crossed 18300 for first time, Sensex topped 61,200.

At around 12.50 pm, BSE Sensex was trading at 61,106.12 up 369.07 points or 0.61% and Nifty50 at 18,293.15 up 131.40 points or 0.72%.

Nifty FMCG was trading at 41,446.65 up 297.25 points or 0.72%, after touching a high of 41,789.30 and low of 41,277.35 during intraday.

ITC was nearly 3% higher at Rs256.50 per piece. The ITC stock has risen over 11 per cent in the last four sessions. On Thursday, the stock climbed nearly 4 per cent to Rs 260 level amid speculations that e-commerce giant Amazon is planning to invest in ITC e-Choupal.

Emami surged 1.35% higher at Rs548.75 per piece to outperform. Tata Consumer and Britannia also advanced over 0.6%. HUL was 0.3% higher while Varun Beverages also traded in the green.

Radico Khaitan emerged the laggard again after exchange sought calrification from the company on recent launch of new products. The company stock shed over 4% at Rs1,081.00 per piece. Procter & Gamble Hygiene was 0.8% lower while Godrej Consumer was 0.7% on the downside. Colgate Plamolive, Marico and United Spirits also shed over 0.6%. 

Nestle India, United Breweries and Dabur were also marginally lower. 

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