ITC hits 52-week high at Rs 327.70; Future group stocks sink to fresh lows
In a broad rally on Sept 5, 2022 that saw the Sensex climb ~500 points to 59,294, ITC touched a new 52-week high of Rs 327.70, topping its prior Rs 324.20 peak. Consumer-facing names Patanjali Foods and Vedant Fashions also hit highs, while Future Retail, Future Enterprises and Future Lifestyle Fashions slid to 52-week lows.
What happened
On Sept 5, 2022, ITC hit a fresh 52-week high of Rs 327.70 amid a broad market rally, while retail-linked stocks Future Retail, Future Enterprises and Future
Key facts
- ITC 52-week high Rs 327.70
- previous high Rs 324.20
- Sensex 59,294 up ~500 points
- Nifty 17,678.30
- 200 BSE stocks at highs
- 32 BSE stocks at lows
Why this matters
Future group's distressed valuations at fresh lows may open selective asset-acquisition opportunities, even as ITC and peers like Patanjali Foods and Vedant Fashions command premium multiples on strong momentum.
What to watch
- ITC Q2FY23 FMCG segment margins and cigarette volume trends
- Future group NCLT/insolvency proceedings and lender actions
- FII flows and Sensex/Nifty broad-market momentum
- GST or excise policy signals on tobacco
- Festive-season consumer demand data (Sept-Oct)
- Watch ITC for breakout above Rs 330 with volume confirmation before adding
- Avoid catching falling knives in Future group names amid insolvency risk
- Rotate into quality consumer plays (Patanjali Foods, Vedant Fashions) on festive demand thesis
- Trim ITC into strength if RSI signals overbought near highs