Defensive stocks are shares of companies whose business performance and earnings remain relatively stable regardless of where the economy is in its cycle. These companies operate in sectors providing essential goods and services that consumers continue to purchase even during recessions—such as FMCG, pharmaceuticals, utilities, and healthcare. In India, companies like Hindustan Unilever, ITC, and Sun Pharma are often cited as defensive holdings. Investors increase allocation to defensive stocks when economic conditions deteriorate or market uncertainty rises, as these stocks tend to fall less sharply during market downturns and provide portfolio stability.
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