As Nifty struggles, defensive FMCG and pharma deliver returns of up to 23% in a month

FMCG and pharma stocks have surged up to 23% over the last month, proving their defensive strength, while the Nifty50 has declined amid high volatility and a 27% rise in the India VIX. The Nifty FMCG and Pharma indices have gained 8% and 7.7%, respectively, versus a 0.11% drop in the broader Nifty.