FMCG stocks defy weak market mood, rally up to 4%

As traders preferred the safety net of defensive stocks amid a hawkish tone by the US Fed, FMCG stocks were among the few green spots in the sea of red on screeners. Nifty FMCG was the only sectoral index trading in the green on Monday by climbing 0.6 per cent.

The shares of Colgate Palmolive (India) were the top gainer in the pack by rallying 4.7 per cent to hit the day's high at Rs 1,644. Britannia, Radico Khaitan, Marico, Godrej Consumer Products and Emami rallied in between 1-2 per cent.

Market data shows that long build-up was seen in stocks like Colgate Palmolive and Tata Consumer while short build-up was visible in counters like InfoEdge, Kotak Mahindra Bank, Coforge and Tech Mahindra.


"Today, apart from FMCG space, we are witnessing negative move in all other sectors out of which most weakness can be seen in IT, Bank, Metal, Media and Realty space," said Chandan Taparia, Vice President, Equity Derivatives - Technical, Broking & Distribution, Motilal Oswal Financial Services.

Nifty IT index was the worst affected of the lot as it cracked 3.5 per cent. The decline was led by Tech Mahindra, Infosys, Coforge and Mindtree - each of which lost around 4 per cent.

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