Vedanta, ICICI Bank, Tata Steel, Hindalco, Dr Reddy's Labs and Cairn India topped the selling list, down 2-4 percent.
The Food Ministry is planning to recommend a hike in import duty on sugar to 40 percent from the current 25 percent to check the sliding price of the sweetener and enable mills to clear mounting cane arrears that has reached almost Rs 20000 crore so far.
ONGC is up 3 percent as oil prices touched 2015 highs. Oil prices jumped 5 percent overnight with Nymex rising to USD 56.4 per barrel. Other gainers include Hindalco, Tata Motors, Bharti Airtel and Tata Steel.
The Indian rupee opened lower by 12 paise at 62.10 per dollar against 61.98 Wednesday. The dollar holds steady this morning, after a surge in us equities confirmed investor appetite for risk and helped the currency recoup some of the losses suffered earlier on geopolitical concerns.
Verma says foreign investors are beginning to take interest in the sector now that many states have begun rationalizing their sugar pricing policies. Maharashtra and Karnataka have already done that, and Uttar Pradesh too will follow suit, feels Verma.
Videocon Industries | Man Industries | Rasoya Proteins | Gitanjali Gems | ABG Shipyard | SpiceJet | CORE Education | REI Agro | IVRCL | Punj Lloyd | CRISIL | Opto Circuits | Educomp Solutions | Unitech | DEN Networks | Britannia | MMTC | REC | DLF | Jet Airways | SBI | Infosys | PNB and Supreme Infra are stocks, which are in the news today.
Telecom stocks and sugar stocks are likely to be in focus today
"We want to encourage production of raw sugar," Pawar told reporters on Friday after meeting with food, finance, oil and civil aviation ministers to decide on financial assistance to cash-strapped sugar mills.
There was profit booking in financials, FMCG, healthcare and auto stocks while IT and metals bucked the trend.
The sugar makers have stated in the letter that if FIR is issued, it must be against the entire industry.
Sources told CNBC-TV18‘s Shereen Bhan that the mill owners will meet the CM on Tuesday after having a meeting with him earlier on Sunday, which failed to see any sort of a resolution.
Bank Nifty ended the day with a loss of around 2 percent. ICICI Bank, SBI, HDFC twins were biggest losers among the banking stocks. Capital goods, oil & gas, IT, auto and pharma stocks were slaughtered in late trade today. Reliance ended with a loss of over 1 percent.
Shree Renuka Sugars is looking at various options to ease its Rs 8,400 crore debt burden.
Shree Renuka Sugars has reported a standalone sales turnover of Rs 1,937.40 crore and a net loss of Rs 63.60 crore for the quarter ended Jun '13
Shree Renuka Sugars is hopeful that its ethanol business will report higher volume and better margins going ahead.
Mahindra & Mahindra Financial Services | Axis Bank | ICICI Bank | Wipro | Bharti Airtel | Tata Motors | TCS | Educomp Solutions | Bosch | Orchid Chemicals | Pipavav Defence | Gitanjali Gems | Bhushan Steel | Gujarat Fluorochemicals | Shree Renuka | Jain Irrigation | NALCO | JK Tyre and Gujarat Apollo are stocks, which are in the news today.
In CNBC-TV18's popular show Bull's Eye, Aashish Tater, Fortunewizard.com shares trading strategy of the day.
Shree Renuka may slip further, says Sudarshan Sukhani of s2analytics.com.
Technical analyst, Sudarshan Sukhani, s2analytics.com expects the market to begin a period of choppiness.
Sharmila Joshi, Head of Equity, Peerless Securities advises investors to remain invested in Shree Renuka.
Shasun Pharma | Wipro | Godrej Consumer | Gujarat Sidhee | Shree Renuka | M&M and SAIL are stocks, which are in the news today.