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Nifty FMCG nosedives over 600 pts; All stocks in deep red; Varun Beverages, ITC, Britannia, Dabur, Nestle weigh down

VBL was the top bear on the index plunging nearly 4%.

December 20, 2021 11:40 IST | India Infoline News Service
Falling down business
Nifty FMCG index was trading in deep red on Monday amid rising Omicron coronavirus cases worldwide. Also, RBI data showed decline in India’s forex reserves for the third consecutive week which churns investors sentiments.

Further, WPI inflation surges to 14.23% in November on the back of food prices where sugar stocks are in focus due to the buzz as the Food secretary ruled out a hike in the minimum selling price of sugar from the current domestic rates.

Globally, the US futures and Asian markets were trading with losses and crude oil prices is also seen under pressure which makes investors to play cautiously. The index was dragged by heavyweight stocks like VBL, ITC, Tata Consumers and Britannia among others.

The index has slumped by more than 1.5% and hovered between intraday high and low of 36,244.15 and 35,653.55 respectively. All the stocks listed on the index were in the deep red territory.

At around 11.40 AM, Nifty FMCG was trading at 35,823.70 lower by 614.30 points or 1.69%. 

VBL was the top bear on the index plunging nearly 4% followed by ITC and Radico tumbling more than 2.5% each while Britannia, Dabur and McDowell dipped 2% each.

Tata Consumers shed 1.7%, while Godrej Consumer, Colgate Palmolive and Emami dropped around 1.6% each.

FMCG-majors UBL (-1.26%), Marico (-1.16%), Nestle India (-1.05%), PGHH (-1.05%) were among laggards of the sector where HUL was marginally down to drag the overall index tracking weal global cues.

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