FMCG giant Marico stood out in a muted market, rising over 4.5 percent in trade on heavy volumes. Over 57 lakh shares exchanged hands in trade on the bourses today, more than double compared to the one-month daily traded average of 23 lakh shares.
At 1.50 pm, Marico's stock price quoted Rs 668.75 on the NSE, higher by 3.9 percent compared to the previous session's closing price.
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"Marico now has strong support at Rs 628 on the daily charts. A daily close above resistance level of Rs 665 could lead to targets of Rs 691-727 in the near term," said A R Ramachandran, Independent Research Analyst.
Consumer staples firms face risks with traditional distribution advantages beginning to erode, and the likes of Marico and Hindustan Unilever may face challenges, a CLSA note said. The brokerage reiterated its 'Underperform' on both the FMCG giants, with target prices at Rs 470 per share for Marico and Rs 2,161 apiece for HUL, respectively.
The stock is trading above all its key moving averages, indicating a bullish momentum. Marico's promoters hold around 59 percent of its shares, while FIIs hold around 24.6 percent. The public holds around 4.7 percent in Marico.
Over the past year, Marico shares have underperformed the benchmark Nifty 50 index, rising around 13 percent as compared to the index's jump of 30 percent during the same time period.
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