The domestic indices continued trading with losses in early afternoon trade. The Nifty index traded above 14,550-mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 329.20 points or 0.67% at 48,453.16. The Nifty 50 index lost 75.40 points or 0.52% at 14,555.70.
In the broader market, the S&P BSE Mid-Cap index slipped 0.43% while the S&P BSE Small-Cap index rose 1.14%.
The market breadth was positive. On the BSE, 1,577 shares rose and 1,244 shares fell. A total of 169 shares were unchanged.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, rose 1.06% to 23.2725. The Nifty 27 May 2021 futures were trading at 14,606.25, at a premium of 50.55 points as compared with the spot at 14,555.70.
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.
FMCG stocks were trading in green, with the S&P BSE FMCG Sector index increasing 51.18 points or 0.41% at 12559.77 at 09:48 IST. Among the components of the S&P BSE FMCG Sector index, Dwarikesh Sugar Industries Ltd (up 10.85%), Dhampur Sugar Mills Ltd (up 6.67%),Triveni Engineering and Industries Ltd (up 6.33%),Marico Ltd (up 6.24%),EID Parry (India) Ltd (up 6.14%), were the top gainers. Among the other gainers were Shree Renuka Sugars Ltd (up 5.95%), Bajaj Hindusthan Sugar Ltd (up 5.64%), Uttam Sugar Mills Ltd (up 5.15%), DFM Foods Ltd (up 4.84%), and Gujarat Ambuja Exports Ltd (up 4.8%). On the other hand, Radico Khaitan Ltd (down 2.57%), Avanti Feeds Ltd (down 1.19%), and Emami Ltd (down 0.98%) turned lower.
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Sugar stocks in sweet spot, as shares hit roof
May 03, 2021
Brazil’s loss is India’s gains, say analysts
Shares of sugar prices surged on Monday, as analysts expect the commodity price to go up following Brazil woes. According to reports, sugar output for April in Brazil was down 35 per cent year-on-year. Analysts said Brazi’s loss could be India’s gain.
A Reuters report quoting industry group Unica said: “Brazil s center-south sugar output was only 624,000 tonnes in the first half of April versus 971,000 tonnes in a similar period last year. Cane crush was seen at 15.6 million tonnes, 30 per cent less than in 2020.”