The share price of ITC zoom 68% from its 52 week low

Indian FMCG leader ITC clocked a fresh 5-year high amid weak global cues due FED rate hike. The stock price touched its record high of Rs. 348.65 on BSE & Rs. 348.75 on NSE respectively. Leading from the front, the tobacco leader has been rising for the last four sessions. This year, the share price of ITC has gained nearly 60% which has outperformed its peers and overall index. This month, the stock price of ITC has given a 10% return to investors. The closing price of the share of ITC was Rs. 218.05 on Dec31-2021 and from that level, it reached its record high level of Rs. 348.75 today on NSE.

The reason behind the magic rally of this stock is due to the weaker trends in other high beta sectoral indices and recession fear across the globe. The investors treated it as protective bet amid severe correction in investors friendly IT & metal sectors. Also, the data suggests that FMCG companies including ITC can easily pass on inflation costs to its products.