The
Nifty FMCG index has kicked-off 2026 on a sour note, with the index down nearly 4 per cent, mainly on account of a sharp fall in FMCG giant ITC. In comparison, the NSE Nifty 50 index quoted on a flat note thus far.
Among individual FMCG stocks -
ITC has cracked 15 per cent following a tax hike on cigarettes, which will come into effect from February 1. United Spirits, United Breweries and Radico Khaitan were the other major laggards - down 3 - 5 per cent each.
On the other hand,
Patanjali Foods has gained nearly 6 per cent so far in 2026. Varun Beverages, Hindustan Unilever, Dabur India, Marico, Britannia Industries, Godrej Consumer Products, Nestle India and Tata Consumer Products were up 2 - 4 per cent each.
On the earnings front, brokerages expect FMCG companies to see the effect of the transient impact to the new Goods and Services Tax (GST) rates in the October-December quarter, with volume recovery expected to improve sequentially.
Japanese brokerage firm Nomura expects the October-December quarter to be a story of two-halves for the FMCG sector, as the first half (October to mid-November) continued to see an impact from GST-led transition, as dealers and retailers continued to have old-price stock.
READ MORE Analysts at Elara Capital expect Marico,
Tata Consumer Products,
Nestle India and
Emami to deliver double-digit revenue growth, led by high single-digit volume growth in core categories, while Colgate revenue growth may be subdued due to heightened competition.
ITC revenue growth is likely to be 7 per cent, led by 5 per cent cigarette volume growth; however, the recent tax increase by the government will remain an overhang, said Elara Capital in its note.
ALSO READ | ITC stock downgraded as excise duty hike raises margin, volume growth risks Back on the stock markets, amid the recent downturn in Nifty FMCG index - 5 stocks namely ITC, Jubilant FoodWorks, AWL Agri Business, Godfrey Phillips and United Breweries were trading in oversold zone as per the Relative Strength Index (RSI) parameter.
Technically, the RSI is a key momentum oscillator which helps in determining overbought and oversold stocks. The RSI is plotted on a scale of 0 - 100, with a reading below 30 considered as oversold, and above 70 as overbought.
Here's a look at these 5 oversold FMCG stocks on charts:
ITC
Current Market Price: ₹340.20
The ITC stock chart shows that the 14-day RSI entered oversold zone 5 trading sessions back, and since been there.
Jubilant FoodWorks
Current Market Price: ₹528
Jubilant FoodWorks daily chart shows that the RSI has been in and out of the oversold territory in recent trading sessions.
Godfrey Phillips
Current Market Price: ₹2,171
Godfrey Phillips stock has been trading in an oversold zone post the sharp 17 per cent crash on January 1, 2026, shows the above chart.
AWL Agri Business
Current Market Price: ₹229.50
AWL Agri Business RSI has slipped into an oversold zone in recent trading sessions, shows the above chart.
United Breweries
Current Market Price: ₹1,555
The above chart shows that
United Breweries RSI has slipped into oversold zone for the third time since December 2025.
Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions. 
 "Nifty FMCG down 4% in Jan; ITC, AWL Agri, 3 more stocks oversold on charts")
