FMCG a defensive sector: ICICI Securities

FMCG is a defensive sector, says Piyush Garg, ICICI Securities.

Garg told CNBC-TV18, "FMCG is a defensive sector no doubt about that. But I think the margin pressure if you would have seen Hindustan Lever results, the way the margin pressure is building up but still I think the demand scenario is pretty okay in this sector. Till the time the companies are able to pass on to a large extent the cost of the increase in raw materials and all I think the sector would be continued to be defensive." He further added, "I think in case the market is looking to slide much more from the levels where it is trading today then I think even this sector will not be spared. We have seen last two days IT also started sliding when Nifty was breaking 5600 levels. I think if the market falls further no sector will be spared."