ITC shares surge 5% in strongest day in six months

ITC Ltd shares climbed 5% during Thursday's trading session, recording their strongest single-day performance in approximately six months. The rally was driven by institutional buying interest in a block deal involving several marquee fund managers and asset administrators.

Key participants in the block transaction included Fidelity Advisor Series VIII-Fidelity Advisor Overseas Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, and Nippon India Mutual Fund. International brokerage Citigroup Global Markets Singapore Pte also featured among the major buyers, signalling confidence from both domestic and offshore investors.

The convergence of buying interest from multiple institutional players, particularly mutual funds with significant assets under management, underscored sustained demand for the diversified conglomerate's shares. The block deal mechanism allowed large investors to accumulate positions while potentially providing liquidity to selling shareholders.

ITC, which operates across tobacco, hotels, agribusiness, and other sectors, has remained a key holding in many Indian mutual fund portfolios. The stock's strong performance on Thursday reflected broader institutional appetite for established blue-chip equities amid market fluctuations.