Asian Paints, HUL, and Varun Beverages rise as Jefferies backs them despite sector risks and recent downgrades.

• Jefferies sees limited downside, tags ASPN, VARB, and HLL as contrarian buys amid sector competition and weak demand.
• ASPN upgraded to "buy" despite Birla Opus pressure; gradual FY26 recovery expected after early market share losses.
• HUL gains Jefferies support despite earnings slide; Unilever’s India focus and growth-first strategy seen aiding turnaround.