Shares of sugar companies were on a roll at the bourses, on Monday, with Bajaj Hindustan, Dwarikesh Sugar Industries, Dhampur Sugar Mills, Avadh Sugar & Energy, Uttam Sugar Mills and Dalmia Bharat Sugar and Industries rallying between 15 per cent and 20 per cent, in an otherwise weak market, on healthy outlook.
Triveni Engineering & Industries, EID Parry, Shree Renuka Sugars and Balrampur Chini Mills gained in the range of 10 per cent to 12 per cent. In comparison, the S&P BSE Sensex was down 0.61 per cent at 48,484 points, at 02:03 pm.
Most of the brokerages have positive stance on India’s sugar industry as it is well poised to benefit from global and domestic factors. Lower output from countries like Brazil, Thailand and the EU would keep supplies tight and global prices firm, enabling India to increase exports. On the domestic front, favorable policies, rising ethanol demand (blending target of 20 per cent by CY25 from 8 per cent currently), aggressive ethanol capacity additio
Domestic equity markets staged a smart recovery in the fag end of the session, lifted mainly by metal and FMCG stocks, to end mixed on Monday even as losses in the banking counters capped gains. Among the headline indices, the BSE barometer S&P BSE Sensex settled the day at 48,716 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in the late noon deals. On the NSE, the Nifty50 index closed at 14,634 levels, up 3 points or 0.02 per cent, after hitting an intra-day high of 14,674.
Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
Track the industry of your choice with a daily newsletter specific to that industry.
Stay on top of your investments. Track stock prices in your portfolio.
NOTE :
The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer s permission we will charge your card/ payment instrument each month automatically and renew your subscription.
In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
FMCG stocks were trading in the positive zone, with the S&P BSE FMCG Sector index rising 139.42 points or 1.08% at 13085.32 at 09:49 IST. Among the components of the S&P BSE FMCG Sector index, S H Kelkar & Company Ltd (up 7.01%), Gujarat Ambuja Exports Ltd (up 5.28%),Dalmia Bharat Sugar & Industries Ltd (up 4.22%),Dhampur Sugar Mills Ltd (up 3.98%),Balrampur Chini Mills Ltd (up 3.91%), were the top gainers. Among the other gainers were Avadh Sugar & Energy Ltd (up 3.86%), L T Foods Ltd (up 3.2%), Uttam Sugar Mills Ltd (up 3.17%), Dwarikesh Sugar Industries Ltd (up 2.43%), and Zydus Wellness Ltd (up 2.27%). On the other hand, Future Consumer Ltd (down 2.29%), Agro Tech Foods Ltd (down 1.51%), and United Breweries Ltd (down 1.27%) moved lower.
NEW DELHI: Nifty s consolidation run continued to the third consecutive day as the headline index formed a bearish candle on the daily chart. The 50-pack bluechips underperformed the broader market as the rally continued in the midcap and smallcap space.
Ajit Mishra, VP - Research, Religare Broking said, In absence of any major trigger, we may see further consolidation in markets. Meanwhile, the focus should be on position management. Nifty has the next major support around the 14,850-14,950 zone. Nifty made a move towards the mentioned resistance zone of 15,245-15,315. Since the move was lacking strength, the selling started after testing the lower range of 15,245, which eventually resulted in a decent intraday profit booking. Now, although the market looks a bit tentative, it is nowhere close to the trend reversal or sell off. Rather, it needs to be construed as a minor profit booking only, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.