Market Movers: Shree Renuka Sugar, DCB Bank and MTNL top Group A

As US Fed takes an aggressive stance to hike the rate (50 basis points) and shrink its balance sheet by USD 95 billion a month, the Indian market much like its global peers traded in weakness.

As US Fed takes an aggressive stance to hike the rate (50 basis points) and shrink its balance sheet by USD 95 billion a month, the Indian market much like its global peers traded in weakness. 

Benchmark indices S&P BSE Sensex and Nifty 50 closing down by 0.9 per cent at 59034.95 and Nifty50 at 17639.55, respectively. The Midcap segment closed by 0.4 per cent at 25069.81 while Smallcap index closed at a loss of 0.75 per cent at 29474.70.

Among sectoral indices, except for Bankex and Realty, most BSE sectoral indices ended in red. 

Shree Renuka Sugar, DCB Bank and MTNL witnessed positive action in today’s session. 

Shree Renuka Sugar zoomed 20 per cent in today’s session to emerge as the biggest gainer in A Group. Today, the stock is locked in its upper circuit at Rs 49.50 which is also its fresh 52-week high. The recent surge in sugar stocks has been fuelled by a push for ethanol blending and a Sugar MSP of Rs 31 per kg. Since the beginning of this month, the shares of Renuka Sugar has rallied taking the weekly gains to almost 30 per cent. 

DCB Bank rallied 13.50 per cent in today’s session and closed at Rs 88.30. The stock logged its intra-day high and low in today’s session at Rs 92.25 and Rs 77, respectively. The bank has early this week launched its 400th branch, the 21st branch in Delhi National Capital Region (NCR).  

MTNL gained 11.66 per cent in today’s session and closed at Rs 29.20. The stock logged its intraday high and low in today’s session at Rs 30.50 and Rs 26.80, respectively. The stock of telecom service provider has been rallying in the last few sessions taking the weekly gain to 30 per cent, more than half of which has been in previous two trading sessions.