sensex: Sensex drops to 300 pts, Nifty to less than 11,450; Sugar stocks increase up to 20%

NEW DELHI: The benchmark stock indexes fell by more than half a percent in early trading on Monday after Asian indices collapsed as Washington was about to announce a new series of tariffs on Chinese imports .

BSE Sensex traded at 27,813.87 at the start of trading, compared to 277 points, or 0.73%, while the NSE 50-count NSE was down 76 points, or 0.66%, at 11 438.

Rahul Sharma, Senior Technical Research Analyst, Equity99 said, "For this week, Nifty has strong support levels at 11,430-11,380 levels and a resistance at the level of 11,605-11,640."

No less than 43 stocks in the Nifty index traded in the red, with Indiabulls Housing Finance falling more than 2%, followed by UltraTech Cement (2.07%), Titan (-1.89%), of Tata Motors (1.63%). ) and Bajaj Finance (down 1.53%).

In contrast, Wipro, HCL Tech, Sun Pharma, Dr. Reddy's Labs and Infosys gained up to 1.50%.

Sugar inventories increased their gains after the government announced the 25% increase in the price of ethanol for the gasoline blend. Rana Sugars, Magadh Sugar and Bajaj Hindusthan Sugar grew up to 20 percent in early trade.

Meanwhile, the rupee plunged more than 75 bps to 72.61 against the dollar despite the announcement Friday of a series of measures, including the removal of the withholding tax on Masala bonds and the easing of non-essential imports. check the currency fall.