Markets@11: Sugar shares surge as markets' upward trend continues

The Indian stock market continues its upward trend, albeit under selling pressure.

In early trading, the Sensex rose to 82,637, and the Nifty reached 25,258.8 before retracting.

Reliance shares initially gained but later fell due to selling pressure.

Shares of sugar companies surged today after the Central Government lifted restrictions on the amount of sugar that can be diverted to ethanol production. Triveni Engineering, Balrampur Chini, Avadh, Dalmia Bharat, Dwarikesh, EID Parry, Shree Renuka, Dhampur, Bajaj Hindusthan, and Shakti rose between 5% and 12%. Praj Industries, which manufactures ethanol plants, saw its shares jump 8%. Ethanol production is more profitable than sugar.

Morgan Stanley raised its rating for oil marketing companies, leading to a 3% rise in shares of IOC, BPCL, and HPCL.

SpiceJet shares down

SpiceJet shares dropped by up to 8% after the airline received a notice from the aviation regulator citing technical deficiencies.

LIC and SCI received tax notices from the GST department, amounting to hundreds of crores of rupees.

The rupee strengthened this morning, with the dollar opening 4 paise lower at ₹83.83 before moving to ₹83.85.

Gold prices fell globally, with the metal trading at $2,513 per ounce. In Kerala, gold dropped by ₹80 per sovereign, now priced at ₹53,640.

Crude oil prices are on the rise, with Brent crude reaching $80.17 per barrel.