New Delhi: Fast Moving Consumer Goods (FMCG) stocks are trading weak on Tuesday with the sectoral index down 1.9 per cent.
FMCG index is among the top sectoral losers. Sensex stock Nestle is down more than 3 per cent.
Colgate Palmolive is down almost 4 per cent. Honasa Consumer is down 3.7 per cent, Tata Consumer is down 3.4 per cent, Patanjali Foods is down 3.2 per cent, United Breweries is down 3 per cent, Godrej Consumer is down more than 2 per cent, Britannia is down more than 2 per cent.
BSE Sensex is down more than 600 points on broad based selling. Most sectoral indices are trading in the red.
Corporate commentary on the FMCG sector has highlighted the muted demand setting prevailing in Q4FY24, which has been projected by data agencies for CY24, Emkay Global Financial Services said in a recent report.
Nielsen, which tracks retail data, is building a case of 4.5-6.5 per cent value growth for the sector. Kantar, which tracks household consumption data, echoed the same muted outlook, the report said.
With the El-Nino effect remaining till May-24 (agri growth is projected at 1.8 per cent in FY24; a seven-year low), and expectation of no material shift in consumption from elections (as in the past), demand outlook remains weak for 1HFY25, Emkay Global Financial Services added.
–IANS
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