Thursday's Top Bear: Nifty FMCG sheds near 300 points; Heavyweights HUL, Tata Consumer, Nestle drag

Marico gained over 1% to provide some support to the sector. Britannia, Procter & Gamble Hygiene and ITC were also trading higher.

Apr 22, 2021 01:04 IST India Infoline News Service

Bear Versus Bull Silhouette
Nifty FMCG Index was under pressure during trade on Thursday. The Index shed nearly 300 points to drag the sector amid rally seen in the markets after a bearish start. The investors have been cautious due to rising Covid-19 cases in India and earnings announcements.

Heavyweights Hindustan Unilever, Tata Consumer and Nestle India dragged the sector while Marico provided some solace with gains of over 1%.

At around 1.00 pm, Nifty FMCG was trading at 34,001.60 down 294.90 points or 0.86% touching a low of 33,894.05 after a gap down start of 34,212.20 on Thursday.

Varun Beverages
 was the biggest laggard at Rs893.00 per piece, down 3.6%. Godrej Consumer shed 2.3% at Rs708.85 per piece. HUL was 2.27% down at Rs2,343.10 per piece. Tata Consumer dropped 1.6% at Rs669.05 per piece. 

Nestle also shed nearly 1.6% at Rs16,827.00 per piece on quarterly earnings. In Q12021, Nestle recorded a 14.6% growth in net profit to Rs602cr from Rs525cr in the corresponding period of the previous year. The company's revenue jumped by 8.6% to Rs3,610.8cr from Rs3,325cr a year ago same period.

Emami also lost 1.4% at Rs509.70 per piece to drag the FMCG sector. 

Marico gained 1.33% at Rs415.65 per piece to give some support to the fragile sector. Harsh Mariwala, on behalf of each Promoter and member of the Promoter Group of Marico together with the Persons acting in concert (PAC), declared that no encumbrance, whether directly or indirectly, was made by us on the shares of Marico Limited, during the financial year ended on March 31, 2021.

Britannia, Procter & Gamble Hygiene and ITC were also trading higher. 

Related Story

Open Free Demat Account (Rs699)