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FMCG stocks surge to record high, ITC top gainer

03 Juillet 2017

BSE Sensex gained 300 points or 0.97 per cent to end the day at 31,221.62 points while NSE Nifty, the broader gauge, gained 94.10 points or 0.99 per cent to close at 9,615.00 points. The surge allayed concerns of investors who were wary of initial hiccups in the GST regime. "Spending is likely to increase due to the impact of lower tax and increased sales volume will continue to benefit the earnings potential in the future", Vinod Nair, Head of Research, Geojit Financial Services said.

Market breadth was in the favour of gainers, with about 3 stocks advancing to every 1 stock that declined. India VIX closed lower by 4.53% at 11.2 level. A softer rise in factory new orders resulted in weaker growth of production.

According to market observers, stocks of FMCG major ITC rose after additional excise duty on cigarettes was removed under the Goods and Services Tax (GST) regime.

Earlier, the 30-share pack opened at 31,156 against the previous close of 30,921. "So, the FMCG stocks are in the positive territory".

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Asked to respond to reports of ministers now being forced to consider a trade-off, he said they "did not recognise the language". Foreign Minister Boris Johnson had said that Britain "can have its cake and eat it".

It was followed by M&M 1.60 per cent, Maruti 1.50 per cent and Tata Steel 1.04 per cent.

In other news, the National Stock Exchange (NSE) may have to refile papers for its Rs 10,000 crore IPO after addressing issues related to alleged preferential access given to some brokers, watchdog Sebi's Chairman Ajay Tyagi said on Monday, terming the co-location case as "a serious matter". The stock closed at Rs 342.30 per share up by 5.70%.

Domestic equity indices climbed up to 1 per cent on Monday on strong global cues and thanks to a sharp jump in shares of index heavyweight ITC. European markets were higher, with the France's CAC, Germany's DAX and Britain's FTSE up 0.3-1 percent at the time of writing this article.

FMCG stocks surge to record high, ITC top gainer