FMCG stocks sprung back to life in yesterday's trade as investors bet on sectors that have underperformed in the past 12 months. Textile stocks were on fire on hopes of favorable textile policy in the soming budegt. Some tax relief and relaxation of FDI norms is on cards. Stocks like Arvind Mills, Alok Textile and Skumar's were active and are likely to be major beneficiaries of the measure.
Leather and Apparel stocks are also seeing some demand, as stocks like Crew BoS, Mirza tanneries and Evinix Apparel have shown a bullish pattern on Wednesday's trade. Oil related stocks like Cairn India might come under some pesuure after fall in crude prices. On the New York Mercantile Exchange, July crude settled down $2.43, or 3.54 percent, at $66.12.
Overall the market is expected to remain in the negative territory, barring some gains in select midcap stocks.Watch out for some select stocks like Power Finance Corporation, Jyothy Laboratories, Nagreeka Exports and Divi's Laboatories.