Share market update: Sugar stocks under pressure; Magadh Sugar plunges 7%

NEW DELHI: Most sugar stocks were trading lower in Tuesday's afternoon session.

Shares of Magadh Sugar (down 7.05 per cent), Uttam Sugar Mills (down 7.02 per cent), Dhampur Sugar Mills (down 5.79 per cent), Dalmia Bharat Sugar & Industries (down 5.51 per cent), Avadh Sugar (down 5.30 per cent), Sir Shadi Lal Enterprises (down 4.40 per cent), Rana Sugars (down 4.29 per cent), K.M.Sugar Mills (down 3.95 per cent), Balrampur Chini Mills (down 3.25 per cent) and Gayatri Sugars (down 3.23 per cent) slumped up to 7 per cent.

KCP Sugar & Industries (down 2.73 per cent), Shree Renuka Sugars (down 2.31 per cent), Piccadily Agro Industries (down 2.26 per cent), Dwarikesh Sugar Industries (down 1.98 per cent), Ponni Sugars (Erode) (down 1.54 per cent), Mawana Sugars (down 1.32 per cent), Ugar Sugar Works (down 0.97 per cent), EID Parry (down 0.87 per cent) and Simbhaoli Sugars (down 0.76 per cent) too were trading with losses.

Meanwhile, Dharani Sugars & Chemicals (up 6.06 per cent), Indian Sucrose (up 4.93 per cent), Riga Sugar Company (up 4.36 per cent), DCM Shriram Industries (up 3.15 per cent) and Rajshree Sugars & Chemicals (up 3.05 per cent) were trading higher.

The NSE Nifty50 index was trading 45.60 points down at 11,064.05 while the BSE Sensex was down 165.29 points at 37,416.62 at around 12:37 pm.

Indiabulls Housing Finance (up 10.41 per cent), Reliance Industries (up 10.32 per cent), GAIL (India) (up 3.11 per cent) and Sun Pharmaceutical Industries (up 2.41 per cent) were among the top gainers in the Nifty pack.

On the other hand, YES Bank (down 9.13 per cent), NTPC (down 5.13 per cent), Bharti Airtel (down 5.11 per cent) and Mahindra & Mahindra (down 4.96 per cent) were trading in the red.