Sensex, Nifty come off lower levels; Sugar stocks rally

The Sensex is down 132.40 points or 0.48% at 27,698.70, around 160 points off the day's low of 27,539.47. The Nifty, which declined to 8272.40, is now at 8321.00, down 34.65 points or 0.4% from its previous close.

Jindal Steel & Power, Cairn India, Tata Steel, Reliance Industries, ONGC and GAIL India are down 2% - 3%.

Infosys, Bharti Airtel, Tata Motors, HCL Technologies, Punjab National Bank, ICICI Bank, Grasim Industries and Tata Power are lower by 1% - 2%.

BHEL is up 2.4%. Tech Mahindra, Dr Reddy's Laboratories, Mahindra & Mahindra, IDFC, Kotak Bank and Ultra Tech Cement are up 1% - 1.6%.

Lupin has announced that is U.S. subsidiary has launched the authorized generic for GD.Searle LLC's Celebrex Capsules. Searle LLC is a subsdiary of Pfizer Inc. The drug has annual U.S. sales of $2.54 billion according to IMS MAT. The stock is up nearly 1%.

HDFC, Hindalco, Sun Pharmaceutical Industries, DLF, Maruti Suzuki and Coal India are up with modest gains.

Investors are picking up sugar stocks today following the Cabinet Committee on Economic Affairs approvaing a mechanism fr procurement of ethanol by PSU oil marketing companies to carry out ethanol blended petrol program.

Shree Renuka Sugars, Sakthi Sugars, Balrampur Chini Mills, Triveni Engineering & Industries, Rana Sugars, Oudh Sugar Mills, Bajaj Hindustan and Dwarikesh Sugars are up 3% - 7%. Simbhaoli Sugars has vaulted over 14%.


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