Market Now: Fertiliser stocks rally on Cabinet approval of urea subsidy

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NEW DELHI: Most of the Fertiliser stocks were trading in the green in the morning trade on Thursday after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the proposal of Department of Fertilizers to continue urea Subsidy Scheme up to 2019-20 at a total estimated cost of Rs 1,64,935 crore and for disbursement of fertilizer subsidy, ANI reported.

Shares of Nagarjuna Fertilizers (up 9.23 per cent), National Fertilizer (up 6.39 per cent), Rashtriya Chemicals & Fertilizers (up 5.02 per cent) and Fertilizers & Chemicals Tranvancore (up 4.94 per cent) were the top gainers in the fertiliser sector.

Shares of Khaitan Chemicals & Fertilizers (up 4.28 per cent), ZUARIAGRO (up 3.61 per cent), Southern Petrochemicals IndustriesBSE 2.45 % (up 3.54 per cent), Coromandel International (up 3.00 per cent), Chambal Fertilisers & Chemicals (up 2.78 per cent), G S F C (up 2.42 per cent), Mangalore Chemicals & Fertilizers (up 2.41 per cent) and Deepak Fertilizers & Petrochemicals (up 1.93 per cent) were also among the gainers.

Equity benchmarks were in the negative zone, tracking global cues.

The NSE Nifty50 index was trading 15 points down at 10,396, while the BSE Sensex was down 36 points at 33,799 around 09:55 am (IST).

Wipro, Sun Pharmaceutical IndustriesBSE -0.78 %, Dr. Reddy’s Laboratories and Tech MahindraBSE -0.95 % were among the top gainers in the Nifty index.

On the other hand, Indian Oil CorporationBSE -2.73 %, Bharat Petroleum Corporation, Bharti Airtel and ICICI Bank were among the top losers in the Nifty pack of stocks.