Shares of fast moving consumer goods companies slipped on Monday as private weather forecaster Skymet, estimated below normal monsoon in 2023.
The NSE Nifty FMCG declined 0.23%, as compared to a 0.28% advance in the NSE Nifty 50 around 2 p.m.
Ten out of the 15 constituents compiled by the gauge declined, while five stocks advanced within the gauge.
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Shares of Radico Khaitan Ltd., United Spirits Ltd., Tata Consumer Products Ltd., Nestle India Ltd., Hindustan Unilever Ltd., United Breweries Ltd., Procter and Gamble Hygiene and Health Care Ltd., Godrej Consumer Products Ltd., Dabur India Ltd., and Britannia Industries Ltd. declined in trade.
Skymet expects the upcoming monsoon to be 94% (with an error margin of +/-5%) of the long period average of 868.6 mm, for the four-month period from June to September.
According to Skymet, monsoon probabilities are:
0% chance of excess (seasonal rainfall that is more than 110% of LPA).
15% chance of above normal (105 to 110% of LPA).
25% chance of normal (96 to 104% of LPA).
40% chance of below normal (90 to 95% of LPA).
20% chance of drought (seasonal rainfall less than 90% of LPA).
The forecaster expects northern and central parts of the country to be at risk of being rain deficit.
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