Profit-booking comes to play, investors dump FMCG, pvt banking stocks
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.
Softening bond yields, moderation in FPI selling boost sentiment; both indices are now up 6% from year's low, but still down over 12% from their record high levels seen last October
Despite the correction, analysts at HDFC Securities expects more valuation risks in the next few years
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Its stock price is up 20% since the beginning of August, against 10% rally in Sensex
On July 29, 2021 the board approved scheme of arrangement, which envisages the transfer of the entire balance of Rs 837.43 crore standing to the credit of the general reserve to the retained earnings
Hopes of demand recovery and plateauing of input costs coupled with stock underperformance are triggers
Industry net sales have grown in double digits in just three of past 24 quarters
Margin gains, however, will depend on raw material inflation, pricing action
ITC stock is struggling to conquer the resistance of Rs 215 to Rs 220 levels. The downside support stays at Rs 200
BSE FMCG Index is up 7.3% since Nov end, against 4.1% rally in Sensex
Among individual stocks, ITC was up 1 per cent at Rs 208, surging 17 per cent in past one month.
Over the past few sessions, the markets have been consolidating in a range. Here are the key levels you need to track for key indices
Competitive intensity, downtrading, and demand slowdown likely to hurt performance and valuations
Strong distribution network and company's cost efficiency would help increase sales of the acquired high-margin portfolio
Despite the churn, the private banks will still top the chart with a weightage of 26 per cent in the index, followed by the energy sector at 23 per cent.
Here are key technical levels you need to keep a tab on