FMCG beat market blues; charts hint 15% upside for ITC, Varun Beverages

The Nifty FMCG index hit a fresh all-time high on Thursday even as the key benchmark indices wilted under selling pressure, tracking losses in global markets.

Global markets wilted under selling pressure on Thursday after the US Federal Reserve raised interest rates by 75 basis points, and signalled further tightening ahead in its bid to combat red-hot inflation.

Further, the RBI is scheduled to meet next week to decide on the interest rates back home. 

Despite the current uncertain market scenario, investors then to prefer FMCG a safer sector compared to others. So far on Thursday, the Nifty MFCG index had gained 1.1 per cent and registering a new all-time high, while the benchmark indices were down close to a per cent.

Among individual shares, Marico