Britannia share price hits lifetime high despite stock market bloodbath
Stock market bloodbath: Amid a heavy sell-off on Dalal Street, most Indian indices are trading red with heavy intraday losses. However, the Nifty FMCG index ended up being around one percent higher. FMCG major Britannia share price touched a new lifetime peak of ₹5,414.40 per share on NSE.
The stock ended around 3.50 percent higher at ₹5,340 per share. According to stock market experts, when there is a big fall in the Indian stock market, investors move towards FMCG, pharma, and IT stocks as they are considered safe bets in a falling market. Today, investors bet on the FMCG stocks that helped quality FMCG stocks like Britannia register sizeable rises during Tuesday's session.
They expected further upside in Britain's share price in the near term and predicted a short-term target of ₹5,500.On reasons that are fueling Britain's share price despite the stock market crash, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "In a falling stock market, Dalal Street investors look at FMCG, pharma, and IT stocks as safe bet. That's why the Nifty FMCG index was around one percent higher on Tuesday. As far as Britanning share price rally is concerned, this trend of the falling Indian stock market can be attributed as major reason.
The trend may further continue. So, Britannia shareholders may hold the stock to minimise their short-term gains in this stock market bloodbath."Expecting more upside in Britannia share price, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “Despite stock market crash after the disappointing Lok Sabha Election results, Nifty FMCG Index ended around one per cent higher. The index is in the 54,800 to 55,600 range.
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