Shares of FMCG major ITC extended gains for the second straight session and climbed nearly 2% to cross the ₹400 level for the first time in intraday trade on Monday, in an otherwise weak broader market. The stock hit a new record high of ₹401.95 during the session, breaching the previous high of ₹398.2 touched in intraday trade on April 11. The recent rally in ITC shares can be attributed to expectations of better earnings in the fourth quarter ended March 31, 2022, as most analysts remained bullish on the stock ahead of Q4 results.

Earlier today, ITC shares opened marginally lower at ₹395 against the previous closing price of ₹395.45 on the BSE. Paring opening losses, the FMCG stock gained as much as 1.64% to hit a record high of ₹401.95. On the volume front, 2.7 lakh shares changed hands over the counter on the BSE as compared to two-week average of 6.99 lakh stocks, while the market capitalisation stood at ₹4.98 lakh crore. The stock has jumped 61% from its 52-week low of ₹249.20 touched on May 12, 2022.

The index heavyweight has been one of the top performers on the Street, delivering nearly 49% returns to its shareholders in the last one year as compared to 19% growth in S&P BSE FMCG index and 4.6% rise in the BSE Sensex. On the year-to-date (YTD) basis, the counter has gained over 20%, while it added nearly 21% in the past six months. The stock has risen 7% in a month and 4% in a week.