Shares of FMCG stocks ITC, Hindustan Unilever and Godrej Consumer were up in the black on Tuesday, as Finance Minister Nirmala Sitharaman announced a slew of measures to boost rural consumption in the Budget speech.

What Happened: Nirmala Sitharaman allocated ₹1.52 lakh crore for agriculture and allied sectors. The government will also allocate ₹3 lakh crore for schemes benefitting women and children.

In the budget, the finance minister also said the government will provide opportunities for one crore youth to get internships from top Indian companies with monthly allowance of ₹5,000. Additionally, the government will revise the Model Skill Loan Scheme to provide loans up to ₹7.5 lakh from a government-promoted fund.

Along with that government will transfer one-month salary in three instalments up to ₹ 15,000 to first time employees registering with the Employees’ Provident Fund Organisation (EPFO).

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FMCG stocks surged in the market while the broader market recovered a from sharp decline to trade flat after the government hiked capital gains taxes on financial assets.

A similar performance happened on election results day when FMCG stocks stood tall while rest of the market went down.

Price Action: Shares of ITC were up 4.30% at ₹486.60.

Shares of HUL were up 2.22% at ₹2,796.

Shares of Godrej Consumers were up 3.54% at ₹1,522.15.

Shares of Tata Consumer Products rose 3.61% at ₹1,248.30.

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