SENSEX, NIFTY50 hit record high at open; sugar stocks jump; SpiceJet slips over 4%
On August 30, SENSEX and NIFTY50 hit record highs, with SENSEX reaching 82,637.03. Bajaj Finserv led the gainers, while Tata Motors was the top loser. Sugar stocks surged as the government approved ethanol production from sugarcane juice. SpiceJet shares dropped after being placed under enhanced surveillance and announcing furloughs due to operational and financial challenges.
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.
On the SENSEX, out of 30 stocks, 25 were trading in the green and the rest five in the red. Bajaj Finserv (up 1.5%) was the top gainer on the index, followed by Titan Company and HDFC Bank. On the flip side, Tata Motors (down 1%) was the biggest loser.
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.
Balrampur Chini was trading nearly 7% higher at ₹617.40, up 6.70% on the BSE. Dhampur Sugar Mills was also trading 7% higher at ₹223.85 on the BSE.
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.
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