Shares of eight FMCG stocks rose by 0.27% to 2.45% at 14:51 IST on BSE after the India Meteorological Department in its release of the long range forecast for the 2016 southwest monsoon yesterday, 12 April 2016 predicted good monsoon this year.
FMCG firms derive substantial revenue from rural India.Hindustan Unilever (HUL) (up 2.45%), Dabur India (up 2.22%), Colgate Palmolive India (up 2.02%) Britannia Industries (up 2.4%), Tata Global Beverages (up 2.03%), Jyothy Laboratories (up 0.35%), Procter & Gamble Hygiene and Health Care (up 0.27%) and Godrej Consumer Products (up 0.79%) gained. Nestle India (down 1.32%), Marico (down 1.94%), GlaxoSmithkline Consumer Healthcare (down 0.73%) and Bajaj Corp (down 3.29%) declined.
The BSE FMCG index was up 1.55% at 7,796.86. It underperformed the Sensex, which was up 1.89% at 25,620.40
The S&P BSE FMCG index had outperformed the market over the past one month till 12 April 2016, rising 9.16% compared with 1.73% rise in the Sensex. The index, however, underperformed the market in past one quarter, falling 2.62% as against Sensex's 1.88% rise.
The India Meteorological Department (IMD) said in its initial monsoon forecast that the southwest monsoon is likely to be 106% of the Long Period Average (LPA) during the four-month period from June to September 2016, with an error margin of plus/minus 5%. The IMD's announcement hit the market after trading hours yesterday, 12 April 2016.
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