Today Most Sugar Stocks Were Seen Under Pressure
During the Wednesday trade it was observed that most of the sugar stocks were seen under pressure. After sugar prices fell owing to limited off take amid a glut in supply, sugar stocks plunged. On BSE, shares of Uttam Sugar Mills and Kesar Enterprise cracked over 6 per cent.
On Wednesday, the sugar stocks including Indian Sucrose, Dharani Sugars & Chemicals, Riga Sugar Company, Rajshree Sugars & Chemicals and Avadh Sugar & Energy plunged up to 5 per cent. While the stocks of Dhampur Sugar Mills, Dwarikesh Sugar Industries and Mawana Sugars declined up to 4 per cent.
Today, it was observed that the equity markets were trading down amid uncertainty over government formation in Karnataka and sustained foreign fund outflows. Weak Asian peers following overnight losses at the Wall Street also dampened sentiments.
At around 11:50 am, the NSE Nifty50 index was trading 60 points down at 10,742, while the BSE Sensex was down 168 points at 35,376. In the Sensex index, 9 stocks were advancing, whereas 22 were declining in trade.