Food Stocks Are Sending a Different Signal

Everyone is discussing weak monsoon forecasts. Almost nobody is talking about India's food buffers. Government rice stocks are at a record high, while wheat inventories have climbed to a five-year high. That gives policymakers a powerful tool to manage food inflation even if rainfall remains below normal. The market may be overestimating the inflation risk and underestimating the resilience of consumption-focused sectors. FMCG and rural-facing names like $HINDUNILVR and $DABUR could be worth watching if inflation remains contained.