BSE, NSE bounce back; sugar stocks are on a high
Indian equities opened lower on Friday and Nifty opening below 8200 and Sensex losing over 30 points. However, the sentiment changed in a couple of hours.
At 10:54 am, BSE Sensex was trading up 165 points and Nifty jumped 52 points.
Major gainers on Nifty were BHEL, Hindalco, M&M, Yes Bankand Lupin.
BSE’s Sensex had opened in red and was trading at a loss of 0.24% at 09:54 am.
Nifty opened below 8,200 and stood at 8187, down 16.25 points.
Sugar stocks were trading in green after the Food Ministry proposed a 25% duty on sugar exports.
"To keep the export of sugar in control, it is proposed to levy 25% custom duty on export of sugar," Union Minister Ram Vilas Paswan said.
Collectively, sugar stocks were trading up 2% with 21 advances and only 3 declines.
Among the top sugar stock gainers on the National Stock Exchange (NSE) were Ugar Sugar Works that climbed 19.58%, followed by Upper Ganges Sugar and Industries with 11.83% increase.
Balrampur Chini was trading up 1.17%, Bajaj Hindusthan was up 3.37% and Simbhaoli Sugars was up 4.18%.