In earlier times, when markets turned volatile, a part of the money used to move into FMCG stocks. The reason, they were considered defensive stocks. But this narrative changed over a period of time, given that they got hit by slowing consumption and rising raw material prices, they were not considered defensive stocks. But the truth lies in between, they may not be defensive stocks with delta of one, but the fact is that still many times they do tend to fall less in volatile markets
