Indices at previous closing
Nifty50: 17,245 ▼69 (-0.4%)
Sensex: 57,684 ▼304 (-0.5%)
Nifty Bank: 36,147 ▼201 (-0.5%)
For more updates on F&O, click here.
High oil prices beneficial for sugar companies
The management of Balrampur Chini Mills has reportedly said that the high oil prices could be an additional tailwind for the global raw sugar prices. This is because the rising oil prices usually incentivise substitution of oil with ethanol, which is obtained from sugarcane.
According to reports, the management added that there could be a sugar deficit of two million tonnes globally. This is expected to create opportunities for exports from India. It also expects the production to be at a record high domestically. Meanwhile, shares of the company were up 0.6% yesterday.
BEPL soars on expansion nod
Shares of Bhansali Engineering Polymer rose 7.6% intraday. This comes after the company announced that it had received consent from the pollution board to expand its plant in Madhya Pradesh (MP).
The company plans to expand its high rubber graft capacity in MP from 15,000 tonnes per annum (TPA) to 50,000 TPA. Shares of the company pared some of its gains and closed 5.3% higher yesterday.
Oil prices rise as inventories fall
Oil prices moved upwards yesterday after industry data revealed that the US crude inventories declined last week. This signals that the supply remains tight as Russia’s output has been dented by sanctions.
The industry data reportedly showed that the US’ crude stock fell by 4.3 million barrels. Meanwhile, analysts said that the US and Saudi Arabia are the two countries that can meaningfully offset the impact of the loss of Russian oil.
Sectoral indices (March 23)
| Top gainers | Top losers |
| Nifty Metal ▲ 1.2% | Nifty Auto ▼ 1.0% |
| Nifty Oil & Gas ▲ 0.4% | Nifty Financial Services ▼ 0.8% |
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.2% |
| Nikkei 225 (Japan) | ▼ 1.1% |
| Hang Seng (Hong Kong) | ▼ 0.7% |
| SSE Composite (China) | ▼ 0.4% |
| Dow Jones (US) (March 23) | ▼ 1.2% |
| NYSE (US) (March 23) | ▼ 1.0% |
| Nasdaq (US) (March 23) | ▼ 1.3% |
| S&P 500 (US) (March 23) | ▼ 1.2% |
Fact of the day
Da Hong Pao is the world's costliest tea at $1,400 per gram.
Source: BBC Travel
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