FMCG rally continues post poll results; Heritage, HUL, Dabur, Marico jump up to 15%

, alongside Heritage Foods, also gained over 13% on the charts today.

, and Jyothi Labs too rose over 8% while Honasa Consumer, Bajaj Consumer, United Spirits, Britannia Industries, United Breweries, Tata Consumer and Nestle climbed 5%.

On Tuesday, barring , all other sectors ended on a negative note. The Nifty PSU Bank, Nifty Oil & Gas and Nifty Metal tumbled by over 1% following the weak poll results.

“Nifty FMCG has taken support near its 200-day EMA level and thereafter witnessed sharp recovery. This clearly indicates investors are preferring defensive stocks in a high volatile environment. Going ahead, any sustainable move above the level of 55,500 will lead to sharp upside rally in Nifty FMCG index,” says Sudeep Shah of SBI Securities while commenting on the technical placement of the index.

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Today, the markets opened on a negative note but have shown a sizable recovery.

The volatility index India has witnessed a sharp upside rally in Tuesday's trading session wherein it marked a high of 31.70 level, highest since February 2022. Despite witnessing a minor cool-off from higher levels, India VIX ended above 26.50 level with a substantial gain of nearly 28%. Going forward, 22-23 levels will be an extremely crucial support level and till VIX holds 22, it could incrementally keep moving higher, added Shah.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)