DD Sharma, Anand Rathi Securities is of the view that sugar counters has not much upward movement.
Sharma told CNBC-TV18, "It is just the pullback rally after significant correction in the sugar stocks. Global outlook for sugar is still weak; prices are coming down in the global market. In domestic market also the sugar prices are weak."
He further added, "For commodity stocks whether it is Mawana Sugar or Balrampur Chini Mills , I do not think there is any differentiation because the realisations for all of them are similar. If realisations are falling down with the risk that the sugarcane prices in the coming season could be higher, I do not think there is scope for much upward movement in the sugar counters; this is just a pullback rally."
