FMCG stock opens gap up despite weakness in benchmark indices, surges 11% amid heavy volume

Shares of diversified FMCG company Elitecon International opened with a gap today, even as stock market benchmark indices Sensex and Nifty declined in early deals, tracking weak trends in global equities and rising crude oil prices amid escalating tensions between the US and Iran. While the 30-share BSE Sensex declined 358.54 points to 73,624.64, the 50-share NSE Nifty dropped 117 points to 23,098.30. Despite this weakness, shares of the company started the trading session at Rs 33.06, a gain of 2.32 per cent from the previous close of Rs 32.31 on the BSE. Amid heavy trading volume, the scrip advanced further and touched the intraday high of Rs 36, representing a gain of 11.42 per cent.