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The Nifty FMCG index is up ~1% or 245 points to 29,209.85. The index opened at 28,913.20 and hit a high of 29,249.70 and low of 28,913.20.
The sectoral breadth of Nifty FMCG was divided with 12 stocks advancing and 3 stocks declining.
Shares of Emami extended their morning gains on Tuesday after the promoters of the company sold 10% stake to pare the company's debt. The stock is the top gainer on the FMCG index.
Godrej Consumer Products, Tata Global, and Britannia gained over 2-3% in today’s session, followed by ITC, Godrej Industries, United Spirits, and Colgate which were up 1% each.
On the flip side, Marico, HUL, UBL, and GlaxoSmithKline Consumer Healthcare dropped 1% each.
Shares of Nestle rose 2% after foreign brokerage firm Macquarie maintained "Outperform" on the stock with a target price of Rs12,994. The brokerage house expected greater acceleration in key brands' growth in 2019. Further it has indicated 24-36 new product launches in 2019, the report added.
Meanwhile, the company has lined up nearly two-three dozen products that it plans to launch in calendar year 2019 across categories in the country to drive its aggressive growth plans, Chairman and Managing director Suresh Narayanan said, as per media reports.
Meanwhile, the Sensex is trading higher by 139 at 35,637, and the Nifty is up by 37 points at 10,678 levels.
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