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FMCG stocks News
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FMCG stocks also edged lower. Defence stocks, however, saw strong buying after the government cleared several high-value contracts.
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According to market experts, amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather.
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The Nifty midcap 100 index was at 58,444, up 196 points or 0.34 per cent and the Nifty smallcap 100 index was at 19,067, up 227 points or 1.21 per cent.
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FMCG giant ITC rose the most among 30 Sensex constituents, climbing 2.82 percent to Rs 293.95.
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FMCG stocks stepped into the limelight today, surging up to 7 percent, as common use products such as hair oil, soaps and toothpaste will cost less from July 1 when GST is due to set in.
Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade today after investors took to select stock-picking.
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The benchmark BSE Sensex recovered form early losses, trading higher by 32 points in late morning deals, while the Nifty hovered around 8,100-level.
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FMCG major Hindustan Unilever (HUL) today reported an increase of 7.02 per cent in standalone net profit at Rs 1,089.59 crore for the fourth quarter ended March 31, 2016.
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