Reported 6 months ago
In India, consumer goods stocks stood out as a positive amidst a selloff following election outcomes indicating a tighter race for Prime Minister Narendra Modi's party. The Nifty FMCG Index rose 1.3% while the NSE Nifty 50 dropped 8.5%, prompting speculation that increased government spending on welfare could boost consumer demand. Stocks like Hindustan Unilever Ltd. and United Spirits Ltd. surged, and Nestle India Ltd. and Colgate-Palmolive India also saw gains as investors turned to defensive plays amidst fears of a shift towards more welfare-oriented policies in the new government.
Source: YAHOO