SENSEX, NIFTY50 hit record high at open; sugar stocks jump; SpiceJet slips over 4%

Benchmark indices, SENSEX and NIFTY50, touched their record high levels in the opening trade on Friday, August 30, amid healthy buying across the sectors barring technology counters.

The S&P BSE SENSEX hit an all-time high of 82,637.03 levels, while the broader NIFTY50 hit a record high level of 25,257.65. 

BUZZING STOCKS

Sugar stocks were buzzing in trade after the government last evening permitted the use of sugarcane juice and sugar syrup for ethanol production in the 2024-25 ethanol supply year, reversing last year's ban.

SpiceJet shares were in the red after aviation watchdog DGCA on Thursday decided to place crisis-hit airline under enhanced surveillance that will entail increased spot checks and night surveillance to ensure the safety of the airline's operations. 

Further, the airline has decided to furlough 150 cabin crew members for three months. The budget carrier is operating with a reduced number of planes amid financial, legal, and lessor woes. Currently, it has an operational fleet of around 22 aircraft.

Gillette India shares were up nearly 1% after the company reported a 26.4% rise in profit after tax (PAT) to ₹115.97 crore for the June quarter. The company, which follows the July-June financial year, had reported a profit of ₹91.75 crore in the year-ago period. Its revenue from operations increased 4.17% to₹645.33 crore during the quarter under review from₹619.44 crore in the corresponding period a year earlier.

In the broader market, the BSE MidCap index was quoting 0.42% higher at 49,014.48 levels, while the BSE SmallCap index was flat at 55,626.10.