Markets React to Global Trends: Metal and Sugar Stocks Surge, Oil Slide

25 Oct 2023 , 01:35 PM

Indian shares witnessed a rise, driven by the positive market response to China’s approval of a significant sovereign bond issue, signaling economic stimulus. The metal sector saw a 1.5% increase as China, the largest consumer of metals, approved a one trillion yuan sovereign bond issue aimed at infrastructure development. 

At the time of writing Sensex was trading at Rs 64,115 which is a 0.71% drop than the precious day’s close. Whereas Nifty was trading at Rs 19,141 which is a 0.73% drop from the previous close. Top Nifty 50 gainers included companies like Hindalco Industries, Tata Steel, and JSW Steel, which contributed gains ranging from 1.2% to 3.5% in the stock market.

Asian markets showed a 0.6% increase in their performance. Wall Street equities saw gains due to robust quarterly results. U.S. Treasury yields, which had previously reached multi-year highs, eased in anticipation of U.S. GDP data and a critical inflation metric.

Brent crude futures experienced a three-session consecutive decline, reaching $88 per barrel, which is viewed positively by countries like India, which import commodities, resulting in lower costs.

Sugar stocks, including Balrampur Chini Mills, Shree Renuka Sugar, and Dhampur Sugar, witnessed a 2% to 4% surge. This increase was supported by a global rise in sugar prices to a 12-year high, driven by tightening supply.

Delta Corp’s stock price jumped by 8% following a court directive that halted the goods and service tax (GST) intelligence from making final decisions on tax notices against the casino operator without court approval.

KPI Green Energy experienced a 3% increase after securing a new order to execute a wind-solar hybrid power project.

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