Paper, sugar, fertiliser stocks witness huge buying

Paper, sugar, fertiliser stocks witness huge buying

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New Delhi, Sep 6 (IANS) Niche sectors like paper, sugar, fertilisers and liqour 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 per cent.

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 per cent, Tamil Nadu Newsprint was up 7 per cent, while JK Paper was up 7 per cent on BSE.

Sugar stocks also moved up as sugar prices are firming up globally due to short supply. Dhampur Sugar was up 6  per cent, while Dwarikesh Sugar was up 6 per cent.

Fertiliser stocks also gained as a sector with RCF up 6 per cent, and NFL up by 5 per cent.

Nifty was up 0.18 per cent 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.

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