Consumer good stocks rebound steeply

Mumbai: Shares in consumer good stocks rally with investors, recovering from recent steep falls. ITC gains 4.5%, after the cigarette maker had dropped 10.6% since hitting a record high on 27 April as of Tuesday’s close.

Hindustan Unilever gains 4.1%, having falling 7.4% since its all time high on 10 May as of the previous close.

Consumer good stocks had previously rallied because of expectations for good earnings, and as investors sought out more defensive sectors as protection against broader market volatility.