Paper, Sugar, Fertiliser Stocks Witness Huge Buying

Image Courtesy: IANS

New Delhi: Niche sectors like paper, sugar, fertilisers, and liquor saw huge buying interest on Wednesday, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services. The broader market too ended in green with Midcap100/Smallcap100 up 0.1per cent/0.2 percent. Sectorally, it was a mixed bag with FMCG, pharma, and oil & gas up 1 percent. On the other hand, realty, PSU banks, and metals saw some profit booking.

Paper stocks gained on Wednesday with several counters moving up. West Coast Paper was up 13 percent, Tamil Nadu Newsprint was up 7 percent, and JK Paper was up 7 percent on BSE. ()

Sugar stocks also moved up as sugar prices are firming up globally due to short supply. Dhampur Sugar was up 6  percent, while Dwarikesh Sugar was up 6 percent. Fertiliser stocks also gained as a sector with RCF up 6 percent, and NFL up by 5 percent. ()

Nifty was up 0.18 percent or 36.2 points to close at 19,611.1. Volumes on the NSE were on the higher side compared to the recent average. Smallcap index ended marginally in the negative underperforming the Nifty after a gap, said Deepak Jasani, Head of Retail Research at HDFC Securities. 

Global stocks fell on Wednesday after tentative growth in China and Europe heightened concerns about broader economic momentum. European stocks extended their fall as weak German data and elevated oil prices reignited stagflation worries across the euro area.