Morning Market Update – 04/10/2023

Yesterday’s closing dated –03/10/2023

◾London White Sugar – 689.10s -12.60 (-1.80%)
◾NYBOT Raw Sugar #11 – 25.67s -0.68 (-2.58%)
◾USD/BRL- 5.1679 +0.11 +2.11%
◾USD/INR – 83.2040 +0.0090 (+0.0108%)
◾Brent Crude – 90.83 -0.09 (-0.10%)
◾BSE Sensex – 65,512.10 (- 0.48 per cent)
◾NIFTY50 – 19,528.75 (-0.56 per cent)

Sugar prices on Tuesday fell to 5-week lows amid weakness in the Brazilian Real. The Real dropped to a 6-month low against the dollar. This has an adverse impact on sugar prices in Brazil.

Back home, Sensex and Nifty closed lower on Tuesday, dragged by auto stocks on mixed sales data in September. 

Auto stocks fell 1.20 per cent, dragged by Eicher Motors shedding 2.68 per cent, among the most on the blue-chip Nifty 50, after its September motorcycle sales fell 4 per cent.

State-run oil producer ONGC lost 3.78 per cent and dragged the energy index 1.28 per cent lower. The stock had gained 2.5 per cent over the last two sessions.

The Indian rupee ended weaker on Tuesday, weighed down by broad strength in the dollar and higher Treasury yields amid persistent concerns that US interest rates will stay higher for longer.



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