Market Now: Sugar stocks fall as supply glut hurts

NEW DELHI: Sugar stocks Mawana Sugars (down 7.06 per cent), Piccadily Sugar & Allied Industries (down 6.52 per cent) and Triveni Engineering & Industries (down 6.50 per cent) cracked up to 7 per cent during Thursday's trade, following a decline in sugar price owing to a glut in production.

Stocks such as Dhampur Sugar Mills (down 5.75 per cent), Dhampure Specialty Sugars (down 5.61 per cent), Gayatri Sugars (down 4.98 per cent), Indian Sucrose (down 4.95 per cent) and Kesar Enterprise (down 4.50 per cent) cracked up to 5 per cent.

Bajaj Hindusthan Sugar (down 3.21 per cent), Magadh Sugar & Energy (down 3.02 per cent), Piccadily Agro Industries (down 2.98 per cent) and Avadh Sugar & Energy (down 2.97 per cent) declined up to 3 per cent.


However, Dharani Sugars & Chemicals (up 3.33 per cent), K.M.Sugar Mills (up 3.04 per cent), Bannari Amman Sugars (up 2.71 per cent), Empee Sugars & Chemicals (up 2.67 per cent), Ponni Sugars (Erode) (up 2 per cent) and EID Parry (up 1.56 per cent) were in the green around that time.

The NSE Nifty50 index was trading flat at 10,572 around 01:30 pm, while the 30-share BSE Sensex was up 41 points at 34,542 around the same time.

IndusInd Bank (up 1.66 per cent), Tata Consultancy Services (up 1.48 per cent), Hindustan Unilever (up 1.08 per cent) and Tata Motors (up 1.03 per cent) were the top gainers in the Nifty pack.

On the other hand, Bharti Infratel (down 3.20 per cent), Bharti Airtel (down 2.33 per cent), Hindustan Petroleum Corporation (down 2.10 per cent) and Wipro (down 1.92 per cent) were the top drags on the Nifty index.