BSE, NSE tumble but sugar stocks continue last week's rally

Key equity indices of Indian stock market fell by over 1% on Monday but investor sentiment was upbeat in sugar stocks that rose nearly 5% by noon.

At 11:26 hours, the benchmark BSE Sensex was trading down 322.04 points, or 1.21%, at 26,313.71.

At 11:23 hours, the Nifty index of National Stock Exchange (NSE) was trading down 90.80 points, or 1.11%, at 8,079.25.

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Stocks of sugar companies were trading in green after the Food Ministry last week proposed 25% customs 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 had said last week.

Collectively, the sugar stocks were trading up 4.92% with 23 advances and zero declines in the morning trade.

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Last Friday, the stocks of sugar companies were trading up collectively 2% with 21 advances and only 3 declines.

Among leading sugar stock gainers on the NSE were Ugar Sugar Works which jumped up 19.73%, followed by Upper Ganges Sugar & Industries with 16.24% rise.

The stock of Simbhaoli Sugars was trading up 15.86% while Bannari Amman Sugars was up 9.54%.