India's Nifty FMCG index hits 1-week high after RBI governor's comment

Emami

07/12/2022 06:10

** India's fast-moving consumer goods (FMCG) index
 .NIFTYFMCG  rise as much as 1.02% to 45,747.85 rupees, highest
since Nov 30
    ** The sector bucked the trend in a down market and was the
top sectoral gainer on Wednesday
    ** The Nifty 50 index  .NSEI  was down 0.37% at 18,574.45,
as of 10:58 a.m IST, and the S&P BSE Sensex  .BSESN  declined
0.29% to 62,442 
    ** Reserve Bank of India's Governor Shaktikanta Das said the
outlook for Indian economy is supported by sustained urban
demand and improving rural demand, pick-up in manufacturing,
rebound in services and robust credit expansion 
    ** Urban consumption firmed up further, driven by sustained
recovery in discretionary spending, he added 
    ** Services sector firms also expect activity to expand, Das
said
    ** According to RBI's surveys, consumer confidence has
improved further, he added 
    ** Gains led by Varun Beverages ltd  VARB.NS  which rose as
much as 3.6% and Dabur India Ltd  DABU.NS , which rose as much
as 3.06%, to it highest level since Nov 26, 2021
    ** Emami Ltd  EMAM.NS , Marico Ltd  MRCO.NS , Godrej
Consumer Products and Hindustan Uniliver rise between ~1.5% to
2.9%
    ** Up to last close, index up 20.5% this year vs Nifty 50
 .NSEI  Index's 7.43% rise
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))